FxWirePro: EUR/KRW stabilizes above 1,300 mark, consistent close below targets 1,278 mark
EUR/KRW is currently trading around 1,305 mark. It made intraday high at 1,305 and low at 1,301 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,316 mark. A sustained close above 1,316 w…
It made intraday high at 1,305 and low at 1,301 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,316 mark.
A sustained close above 1,316 will take the parity higher towards key resistances around 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
On the other side, a daily close below 1,302 will drag the parity down towards key supports around 1,294, 1,287, 1,278 and 1,268 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take short position on EUR/KRW around 1,307, stop loss 1,317 and target of 1,294/1,287.
