FxWirePro: South Korean won erases previous loss against euro, short term trend reversal likely
EUR/KRW is currently trading around 1,335 mark. Pair made intraday high at 1,339 and low at 1,335 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1,349 mark. A sustained close ab…
Pair made intraday high at 1,339 and low at 1,335 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1,349 mark.
A sustained close above 1,339 will take the parity higher towards key resistances around 1,363, 1,377 and 1,390 marks respectively.
On the other side, a daily close below 1,339 will drag the parity down towards key supports around 1,323, 1,313, 1,302, 1,290, 1,277, 1,265 and 1,247 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.
South Korean banks will be closed in observance of National Liberation Day.
French and Italian banks will be closed in observance of Assumption Day.
We prefer to take short position on EUR/KRW around 1,337, stop loss at 1,349 and target of 1,320.
