FxWirePro: South Korean won rises noticeably against euro, faces strong support at 1,323 mark

• EUR/KRW is currently trading around 1,325 mark.
   
• Pair made intraday high at 1,327 and low at 1,325 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 1,342 mark.
   
• A sustained close above 1,326 will take the parity higher towards key resistances around 1,342, 1,357, 1,377 and 1,392 marks respectively.
   
• On the other side, a daily close below 1,326 will drag the parity down towards key supports around 1,323, 1,308, 1,302, 1,288, 1,272 and 1,264 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• Seoul shares open up 0.71 pct.

We prefer to take short position on EUR/KRW around 1,326, stop loss at 1,338 and target of 1,308.

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