FxWirePro: South Korean won remains unchanged despite lower than expected unemployment rate figures
EUR/KRW is currently trading around 1,275 mark. Pair made intraday high at 1,276 and low at 1,275 levels. Intraday bias remains neutral till the time pair holds immediate resistance at 1,280 mark. A sustained close above…
Pair made intraday high at 1,276 and low at 1,275 levels.
Intraday bias remains neutral till the time pair holds immediate resistance at 1,280 mark.
A sustained close above 1,276 will take the parity higher towards key resistances around 1,280, 1,294, 1,302, 1,315, 1,327, 1,332 and 1,340 marks respectively.
On the other side, a daily close below 1,276 will drag the parity down towards key supports around 1,267, 1,242 and 1,222 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
Seoul shares open down 0.48 pct.
Korea, South April unemployment rate decrease to 3.8 % vs previous 4 %.
South Korea's April employed +123,000 yr/yr vs +112,000 yr/yr in March.
We prefer to take short position on EUR/KRW only below 1,267, stop loss at 1,280 and target of 1,252.
