FxWirePro: South Korean won rises gradually against euro, hits highest level since December 2017
EUR/KRW is currently trading around 1,275 mark. Pair made intraday high at 1,278 and low at 1,274 levels. Intraday bias remains bearish till the time pair holds immediate resistance at 1,290 mark. A sustained close above…
Pair made intraday high at 1,278 and low at 1,274 levels.
Intraday bias remains bearish till the time pair holds immediate resistance at 1,290 mark.
A sustained close above 1,276 will take the parity higher towards key resistances around 1,294, 1,302, 1,315, 1,327, 1,332, 1,340, 1,356, 1,377 and 1,392 marks respectively.
On the other side, a daily close below 1,276 will drag the parity down towards key supports around 1,273, 1,264, 1,242 and 1,222 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 up 0.60 pct.
We prefer to take short position on EUR/KRW around 1,276, stop loss at 1,290 and target of 1,264/1,252.
