FxWirePro: South Korean won appreciates against euro in early Asia, sustained close below 1,335 requires for downside rally
EUR/KRW is currently trading around 1,338 mark. Pair made intraday high at 1,340 and low at 1,337 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1,340 mark. A sustained close ab…
Pair made intraday high at 1,340 and low at 1,337 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1,340 mark.
A sustained close above 1,340 will take the parity higher towards key resistances around 1,347, 1,355, 1,363, 1,377 and 1,390 marks respectively.
On the other side, a daily close below 1,335 will drag the parity down towards key supports around 1,326, 1,320, 1,313 and 1,302 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 1.30 pct.
We prefer to take short position on EUR/KRW only below 1,335, stop loss at 1,343 and target of 1,326.
