FxWirePro: South Korean won rises gradually against euro, stay bearish
EUR/KRW is currently trading around 1,284 mark. Pair made intraday high at 1,287 and low at 1,283 levels. Intraday bias remains bearish for the moment. A sustained close above 1,282 will take the parity higher towards ke…
Pair made intraday high at 1,287 and low at 1,283 levels.
Intraday bias remains bearish for the moment.
A sustained close above 1,282 will take the parity higher towards key resistances around 1,292, 1,307, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,282 will drag the parity down towards key supports around 1,277, 1,267, 1,258, 1,246 and 1,234 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 1.09 pct.
We prefer to take short position on EUR/KRW around 1,285, stop loss at 1,302 and target of 1,267.
