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FxWirePro: EUR/KRW trades in narrow range, bias remains neutral

  • EUR/KRW is currently trading around 1,233 mark.
     
  • Pair made intraday high at 1,233 and low at 1,232 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1,232 mark.
     
  • A daily close below 1,232 will drag the parity down towards key supports around 1,227, 1,218, 1,212, 1,208, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.

  • Alternatively, a sustained close above 1,232 will take the parity higher towards key resistances around 1,238, 1,245, 1,252, 1,262 and 1,274 marks respectively.
     
  • Seoul shares open up 0.24 pct at 2224.91.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • South Korea March current account at s/adj $+5.07 bln vs $+10.01 bln in February.

We prefer to take long position in EUR/KRW around 1,232, stop loss at 1,227 and target of 1,252.

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