FxWirePro: South Korean won rises against major peers as Fitch announces Korea’s ratings
EUR/KRW is currently trading around 1,178 mark. It made intraday high at 1,183 and low at 1,177 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,185 mark. A sustained close above 1,185 w…
It made intraday high at 1,183 and low at 1,177 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,185 mark.
A sustained close above 1,185 will take the parity higher towards key resistances around 1,194, 1,203, 1,212, 1,227 and 1,240 marks respectively.
On the other side, a daily close below 1,180 will drag the parity down towards key supports around 1,168, 1,157, 1,138, 1,122 and 1,100 marks respectively.
Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart.
South Korea’s kospi was trading 0.52 pct higher at 2,234.87 points.
Fitch Ratings has affirmed Korea's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'AA-' with a Stable Outlook.
We prefer to take short position on USD/KRW around 1,180, stop loss at 1,203 and target of 1,157/1,138.
