FxWirePro: South Korean won falls gradually against euro, stay bullish
EUR/KRW is currently trading around 1,271 mark. It made intraday high at 1,273 and low at 1,270 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1,270 mark. A sustained close above 1…
It made intraday high at 1,273 and low at 1,270 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1,270 mark.
A sustained close above 1,270 will take the parity higher towards key resistances around 1,277, 1,282, 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,270 will drag the parity down towards key supports around 1,257, 1,246, 1,234, 1,218 and 1,206 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 0.63 pct.
We prefer to take long position on EUR/KRW around 1,270, stop loss at 1,257 and target of 1,294.
