FxWirePro: South Korean won erases previous loss against euro, intraday bias remains bearish
EUR/KRW is currently trading around 1,250 mark. Pair made intraday high at 1,254 and low at 1,250 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,257 mark. A sustained close above 1,257…
Pair made intraday high at 1,254 and low at 1,250 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,257 mark.
A sustained close above 1,257 will take the parity higher towards key resistances around 1,262, 1,269 and 1,272 marks respectively.
On the other side, a consistent close below 1,252 will drag the parity down towards key supports around 1,242, 1,232, 1,229, 1,222, 1,218, 1,209, 1,203, 1,199 and 1,163 marks respectively.
Seoul Kospi shares open up 0.12 pct at 2038.33.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to go short on EUR/KRW around 1,252 with stop loss at 1,257 and target of 1,242/1,235.
