FxWirePro: South Korean won trades almost flat against euro on festive mood, stay neutral
EUR/KRW is currently trading around 1,287 mark. It made intraday high at 1,288 and low at 1,287 levels. Intraday bias remains neutral till the time pair holds key support at 1,282 mark. A sustained close above 1,288 will…
It made intraday high at 1,288 and low at 1,287 levels.
Intraday bias remains neutral till the time pair holds key support at 1,282 mark.
A sustained close above 1,288 will take the parity higher towards key resistances around 1,302, 1,323, 1,347 and 1,363 marks respectively.
On the other side, a daily close below 1,282 will drag the parity down towards key supports around 1,274, 1,265 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. Current upside movement is short term trend correction only.
We prefer to take long position on EUR/KRW only above 1,294, stop loss at 1,282 and target of 1,302/1,308.
