FxWirePro: South Korean won rises in early Asia despite lower than expected current account data
EUR/KRW is currently trading around 1,299 mark. It made intraday high at 1,302 and low at 1,299 levels. Intraday bias remains slightly bearish till the time pair holds immediate resistance at 1,306 mark. A sustained clos…
It made intraday high at 1,302 and low at 1,299 levels.
Intraday bias remains slightly bearish till the time pair holds immediate resistance at 1,306 mark.
A sustained close above 1,300 will take the parity higher towards key resistances around 1,312, 1,324, 1,332, 1,347 and 1,363 marks respectively.
On the other side, a daily close below 1,300 will drag the parity down towards key supports around 1,290, 1,282, 1,274, 1,265 and 1,244 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 current account stands at 4.33B vs 5.97B previous release (expected 8.26B).
South Korea’s kospi was trading 1.74 pct higher at 2,203.15 points.
We prefer to take short position on EUR/KRW around 1,301, stop loss at 1,307 and target of 1,290.
