FxWirePro: South Korean won rises gradually against euro, downside limited
EUR/KRW is currently trading around 1,290 mark. Pair made intraday high at 1,293 and low at 1,290 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1,297 mark. A sustained close ab…
Pair made intraday high at 1,293 and low at 1,290 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1,297 mark.
A sustained close above 1,297 will take the parity higher towards key resistances around 1,305, 1,316, 1,321, 1,338, 1,351 and 1,377 marks respectively.
On the other side, a daily close below 1,297 will drag the parity down towards key supports around 1,277, 1,265, 1,247, 1,234, 1,225, 1,218, 1,207, 1,200, 1,194 and 1,189 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
Seoul shares open up 0.54 pct at 2427.76.
We prefer to take short position in EUR/KRW only below 1,288, stop loss at 1,297 and target of 1,277/1,272.
