FxWirePro: South Korean won rises gradually against euro, faces key support at 1,321 mark
EUR/KRW is currently trading around 1,329 mark. It made intraday high at 1,330 and low at 1,328 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1,340 mark. A sustained close abov…
It made intraday high at 1,330 and low at 1,328 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1,340 mark.
A sustained close above 1,338 will take the parity higher towards key resistances around 1,358, 1,363, 1,377 and 1,392 marks respectively.
On the other side, a daily close below 1,328 will drag the parity down towards key supports around 1,317, 1,302, 1,294, 1,287, 1,278 and 1,268 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 down 0.07 pct.
We prefer to take short position on EUR/KRW only below 1,327, stop loss 1,335 and target of 1,321/1,317/1,302.
