FxWirePro: South Korean won falls gradaually against euro, faces key resistance at 1,302 mark
EUR/KRW is currently trading around 1,295 mark. Pair made intraday high at 1,295 and low at 1,293 levels. Intraday bias remains slightly bullish for the moment. A sustained close above 1,293 will take the parity higher t…
Pair made intraday high at 1,295 and low at 1,293 levels.
Intraday bias remains slightly bullish for the moment.
A sustained close above 1,293 will take the parity higher towards key resistances around 1,302, 1,308, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,293 will drag the parity down towards key supports around 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 down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
Seoul shares open up 0.41 pct.
We prefer to take long position on EUR/KRW around 1,294, stop loss at 1,289 and target of 1,302/1,308.
