FxWirePro: South Korean won erases previous loss against euro, intraday bias remains bearish
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 1,25…
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.
