FxWirePro: South Korean won remains unchanged after current account, forex reserves data; faces strong support at 1,298 mark
EUR/KRW is currently trading around 1,304 mark. Pair made intraday high at 1,306 and low at 1,304 levels. Intraday bias remains neutral till the time pair moves in stiff boundaries from 1,298 to 1,306 levels. A sustained…
Pair made intraday high at 1,306 and low at 1,304 levels.
Intraday bias remains neutral till the time pair moves in stiff boundaries from 1,298 to 1,306 levels.
A sustained close above 1,306 will take the parity higher towards key resistances around 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,298 will drag the parity down towards key supports around 1,294, 1,286, 1,277, 1,267, 1,258, 1,246 and 1,234 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
Seoul shares open up 0.36 pct.
Korea, South July 2018 Forex reserves increase to 402.45 usd vs previous 400.3 usd.
Korea, South June 2018 current account balance sa decrease to 7.38 usd vs previous 8.68 usd (revised from 8.68 usd).
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
