FxWirePro: South Korean won trades flat against euro, further sideways movement likely
EUR/KRW is currently trading around 1,329 mark. It made intraday high at 1,330 and low at 1,328 levels. Intraday bias remains neutral till the time pair holds key resistance at 1,338 mark. A sustained close above 1,338 w…
It made intraday high at 1,330 and low at 1,328 levels.
Intraday bias remains neutral till the time pair holds key resistance at 1,338 mark.
A sustained close above 1,338 will take the parity higher towards key resistances around 1,358, 1,363, 1,377 and 1,392 marks respectively.
On the other side, a daily close below 1,331 will drag the parity down towards key supports around 1,328, 1,317, 1,302, 1,294, 1,287, 1,278 and 1,268 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
Seoul shares open down 0.18 pct.
Korea, South May 2019 trade balance revised decrease to 2.25 usd vs previous 2.27 usd.
Korea, South May 2019 import growth revised increase to -1.8 % vs previous -1.9 %.
Korea, South May 2019 export growth revised decrease to -9.5 % vs previous -9.4 %.
We prefer to take short position on EUR/KRW around 1,330, stop loss 1,338 and target of 1,317.
