FxWirePro: South Korean won falls gradually against euro, upside limited

• EUR/KRW is currently trading around 1,265 mark.
   
• Pair made intraday high at 1,265 and low at 1,262 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1,267 mark.
   
• A sustained close above 1,262 will take the parity higher towards key resistances around 1,267, 1,280, 1,294, 1,302, 1,315 and 1,327 marks respectively.
   
• On the other side, a daily close below 1,262 will drag the parity down towards key supports around 1,353, 1,246, 1,234, 1,222, 1,205 and 1,188 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 0.11 pct.

We prefer to take long position on EUR/KRW only above 1,267, stop loss at 1,253 and target of 1,280/1,294.

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