FxWirePro: South Korean won erases previous loss against euro, sustained close above 1,306 requires for upside rally
EUR/KRW is currently trading around 1,306 mark. Pair made intraday high at 1,306 and low at 1,302 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 1,306 will take the parity higher t…
Pair made intraday high at 1,306 and low at 1,302 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 1,306 will take the parity higher towards key resistances around 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,306 will drag the parity down towards key supports around 1,291, 1,282, 1,277, 1,267, 1,258, 1,246 and 1,234 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
Seoul shares open down 0.42 pct.
We prefer to take long position on EUR/KRW around 1,298, stop loss at 1,290 and target of 1,315.
