FxWirePro: South Korean won rises gradually against euro, bias remains bearish
EUR/KRW is currently trading around 1,263 mark. Pair made intraday high at 1,265 and low at 1,263 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,270 mark. A sustained close above 1,267…
Pair made intraday high at 1,265 and low at 1,263 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,270 mark.
A sustained close above 1,267 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 1,259 will drag the parity down towards key supports around 1,242, 1,222 and 1,205 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 0.54 pct.
We prefer to take short position on EUR/KRW around 1,264, stop loss at 1,276 and target of 1,242/1,222.
