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FxWirePro: South Korean won remains unchanged despite Moody’s AA2 ratings

EUR/KRW is currently trading around 1,277 mark. Pair made intraday high at 1,279 and low at 1,277 levels. Intraday bias remains neutral till the time pair holds key resistance at 1,280 mark. A sustained close above 1,278…

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FxWirePro: South Korean won remains unchanged despite Moody’s AA2 ratings
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  • EUR/KRW is currently trading around 1,277 mark.
     
  • Pair made intraday high at 1,279 and low at 1,277 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 1,280 mark.
     
  • A sustained close above 1,278 will take the parity higher towards key resistances around 1,294, 1,302, 1,315 and 1,327 marks respectively.
     
  • On the other side, a daily close below 1,278 will drag the parity down towards key supports around 1,267, 1,258, 1,246, 1,234, 1,222, 1,205 and 1,188 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 0.03 pct.
     
  • Moody's affirms Republic of Korea's (South Korea) AA2 rating; maintains stable outlook.

We prefer to take long position on EUR/KRW only above 1,280, stop loss at 1,267 and target of 1,294/1,302.

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