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- EUR/KRW is currently trading around 1,252 mark.
- Pair made intraday high at 1,255 and low at 1,251 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1,255 marks.
- A sustained close above 1,255 will take the parity higher towards key resistances around 1,266, 1,274, 1,287 and 1,304 marks respectively.
- On the other side, a daily close below 1,255 will drag the parity down towards key supports around 1,247, 1,234, 1,225, 1,218, 1,207, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 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 0.32 pct at 2371.22.
We prefer to take short position in EUR/KRW around 1,254, stop loss 1,266 and target of 1,247/1,240.
