FxWirePro: South Korean won strengthens in early Asia, sustained close below 1,294 requires for downside rally
EUR/KRW is currently trading around 1,295 mark. It made intraday high at 1,299 and low at 1,295 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,303 mark. A sustained close above 1,303 w…
It made intraday high at 1,299 and low at 1,295 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,303 mark.
A sustained close above 1,303 will take the parity higher towards key resistances around 1,319, 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
On the other side, a daily close below 1,294 will drag the parity down towards key supports around 1,287, 1,278, 1,268 and 1,244 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
South Korea’s Kospi was trading 1.24 point higher at 2,125.53.
We prefer to take short position on EUR/KRW around 1,297, stop loss at 1,303 and target of 1,287/1,278.
