FxWirePro: South Korean won rises gradually against U.S. dollar, stay bearish
EUR/KRW is currently trading around 1,288 mark. Pair made intraday high at 1,292 and low at 1,288 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1,301 mark. A sustained close ab…
Pair made intraday high at 1,292 and low at 1,288 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1,301 mark.
A sustained close above 1,289 will take the parity higher towards key resistances around 1,301, 1,307, 1,313, 1,327, 1,338, 1,347, 1,355, 1,363, 1,377 and 1,390 marks respectively.
On the other side, a daily close below 1,289 will drag the parity down towards key supports around 1,279, 1,268 and 1,253 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 down 0.04 pct.
We prefer to take short position on EUR/KRW around 1,290, stop loss at 1,302 and target of 1,253.
