FxWirePro: South Korean won rises gradually against euro, stay bearish only below 1,265 mark
EUR/KRW is currently trading around 1,266 mark. It made intraday high at 1,267 and low at 1,266 levels. Intraday bias remains neutral till the time pair holds key support at 1,265 mark. A sustained close above 1,265 will…
It made intraday high at 1,267 and low at 1,266 levels.
Intraday bias remains neutral till the time pair holds key support at 1,265 mark.
A sustained close above 1,265 will take the parity higher towards key resistances around 1,278, 1,288, 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,265 will drag the parity down towards key supports around 1,257, 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 down 0.25 pct.
We prefer to take short position on EURKRW only below 1,265, stop loss 1,275 and target of 1,246.
