FxWirePro: South Korean won remains unchanged after unemployment rate data, sustained close below 1,277 requires for downside rally
EUR/KRW is currently trading around 1,279 mark. Pair made intraday high at 1,281 and low at 1,279 levels. Intraday bias remains neutral till the time pair holds key support at 1,277 mark. A sustained close above 1,287 wi…
Pair made intraday high at 1,281 and low at 1,279 levels.
Intraday bias remains neutral till the time pair holds key support at 1,277 mark.
A sustained close above 1,287 will take the parity higher towards key resistances around 1,294, 1,302, 1,308, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,277 will drag the parity down towards key supports around 1,267, 1,258, 1,246 and 1,234 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Seoul shares open up 0.17 pct.
Korea, South July 2018 unemployment rate increase to 3.8 % vs previous 3.7 %.
We prefer to take short position on EUR/KRW only below 1,277, stop loss at 1,294 and target of 1,258.
