FxWirePro: South Korean won rises noticeably against euro, bias remains bearish
EUR/KRW is currently trading around 1,279 mark. Pair made intraday high at 1,285 and low at 1,279 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,295 mark. A sustained close above 1,282…
Pair made intraday high at 1,285 and low at 1,279 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,295 mark.
A sustained close above 1,282 will take the parity higher towards key resistances around 1,298, 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 1,272, 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 0.13 pct.
We prefer to take short position on EUR/KRW around 1,280, stop loss at 1,295 and target of 1,258.
