FxWirePro: South Korean won strengthens against euro in early Asia, faces strong support at 1,277 mark
EUR/KRW is currently trading around 1,282 mark. Pair made intraday high at 1,287 and low at 1,282 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1,288 mark. A sustained close ab…
Pair made intraday high at 1,287 and low at 1,282 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1,288 mark.
A sustained close above 1,285 will take the parity higher towards key resistances around 1,294, 1,302, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,285 will drag the parity down towards key supports around 1,277, 1,267, 1,258, 1,246, 1,234, 1,222, 1,205 and 1,188 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 0.43 pct.
We prefer to take short position on EUR/KRW only below 1,277, stop loss at 1,289 and target of 1,258.
