FxWirePro: South Korean won enjoys roller coaster movement against euro, faces key support at 1,318 mark
EUR/KRW is currently trading around 1,348 mark. It made intraday high at 1,349 and low at 1,337 levels. Intraday bias remains bullish till the time pair holds key support at 1,336 mark. A sustained close above 1,336 will…
It made intraday high at 1,349 and low at 1,337 levels.
Intraday bias remains bullish till the time pair holds key support at 1,336 mark.
A sustained close above 1,336 will take the parity lower towards key resistances around 1,362, 1,374, 1,390, 1,400, 1,408 and 1,428 marks respectively.
On the other side, a daily close below 1,336 will drag the parity down towards key supports around 1,318, 1,307, 1,298, 1,274, 1,265, 1,244 and 1,222 marks respectively.
Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart.
South Korea’s unemployment rate stands at 3.3 pct vs 4.0 pct previous release.
South Korea’s kospi was trading 1.20 pct lower at 1,940.80 points.
We prefer to take short position on EUR/KRW only below 1,336, stop loss at 1,362 and target of 1,318/1,298.
