FxWirePro: South Korean won marginally higher against euro, short term trend reversal likely
EUR/KRW is currently trading around 1,260 mark. Pair made intraday high at 1,262 and low at 1,259 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1,265 marks. A sustained close a…
Pair made intraday high at 1,262 and low at 1,259 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1,265 marks.
A sustained close above 1,265 will take the parity higher towards key resistances around 1,269, 1,274, 1,287 and 1,304 marks respectively.
On the other side, a daily close below 1,260 will drag the parity down towards key supports around 1,257, 1,247, 1,234, 1,225, 1,218, 1,207, 1,200, 1,194 and 1,189 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.
Seoul shares open up 0.41 pct at 2384.54.
South Korea May unemployment rate decrease to 3.6 % vs previous 4.0 %.
We prefer to take short position in EUR/KRW around 1,262, stop loss 1,266 and target of 1,250.
