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 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.