FxWirePro: South Korean won erases previous loss against euro, stay bearish below 1,211

• EUR/KRW is currently trading around 1,212 mark.
   
• Pair made intraday high at 1,214 and low at 1,211 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,222 mark.
   
• A daily close below 1,213 will drag the parity down towards key supports around 1,206, 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.
   
• Alternatively, a sustained close above 1,213 will take the parity higher towards key resistances around 1,222, 1,229, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
   
• Seoul shares open down 0.09 pct at 2092.27.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in EUR/KRW only below 1,211, stop loss at 1,222 and target of 1,205/1,199.