FxWirePro: South Korean won rises in early Asia despite higher than expected unemployment rate data
EUR/KRW is currently trading around 1,323 mark. It made intraday high at 1,332 and low at 1,323 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,333 mark. A sustained close above 1,333 w…
It made intraday high at 1,332 and low at 1,323 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,333 mark.
A sustained close above 1,333 will take the parity higher towards key resistances around 1,338, 1,357, 1,377, 1,392, 1,400, 1,408 and 1,428 marks respectively.
On the other side, a daily close below 1,330 will drag the parity down towards key supports around 1,318, 1,307, 1,298, 1,274 and 1,265 marks respectively.
Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart.
South Korea’s kospi was trading 3.53 pct higher at 1,922.51 points.
South Korea’s unemployment rate stands at 3.8 pct vs 3.3 pct previous release.
We prefer to take short position on EUR/KRW around 1,327, stop loss at 1,333 and target of 1,307/1,298.
