FxWirePro: South Korean won marginally higher after South Korea’s presidential election results

• EUR/KRW is currently trading around 1,235 mark.
   
• Pair made intraday high at 1,237 and low at 1,234 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1,237 mark.
   
• A daily close below 1,237 will drag the parity down towards key supports around 1,232, 1,227, 1,218, 1,212, 1,208, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
   
• Alternatively, a sustained close above 1,237 will take the parity higher towards key resistances around 1,251, 1,262 and 1,274 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.


• Liberal politician Moon Jae-in decisively won South Korea's presidential election on Tuesday.
   
• South Korea president Moon Jae-in to hold news conference at 2:30 pm (0530 GMT) on Wednesday.

We prefer to take short position in EUR/KRW around 1,235, stop loss at 1,242 and target of 1,227/1,222.