FxWirePro: South Korean won rises in early Asia despite lower than expected consumer confidence data
EUR/KRW is currently trading around 1,312 mark. It made intraday high at 1,322 and low at 1,312 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,322 mark. A sustained close above 1,322 w…
It made intraday high at 1,322 and low at 1,312 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,322 mark.
A sustained close above 1,322 will take the parity higher towards key resistances around 1,332, 1,347 and 1,363 marks respectively.
On the other side, a daily close below 1,316 will drag the parity down towards key supports around 1,298, 1,274, 1,265, 1,244 and 1,222 marks respectively.
Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
South Korea’s consumer confidence stands at 96.9 vs 104.2 previous release (expected 112.2).
South Korea’s kospi was trading 0.77 pct higher at 2,094.96 points.
We prefer to take long position on EUR/KRW around 1,308, stop loss at 1,298 and target of 1,324/1,347.
