FxWirePro: South Korean won appreciates against euro in early Asia, stay bullish only above 1,359
EUR/KRW is currently trading around 1,354 mark. Pair made intraday high at 1,360 and low at 1,352 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1,359 mark. A sustained close ab…
Pair made intraday high at 1,360 and low at 1,352 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1,359 mark.
A sustained close above 1,359 will take the parity higher towards key resistances around 1,363, 1,377 and 1,390 marks respectively.
On the other side, a daily close below 1,359 will drag the parity down towards key supports around 1,346, 1,340, 1,326, 1,320, 1,313, 1,302, 1,290, 1,277, 1,265 and 1,247 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
Seoul shares open up 0.48 pct.
We prefer to take long position on EUR/KRW only above 1,359, stop loss at 1,346 and target of 1,377/1,390.
