FxWirePro: South Korean won trades flat at 1,258 mark, sustained close below requires for downside rally
EUR/KRW is currently trading around 1,259 mark. It made intraday high at 1,260 and low at 1,258 levels. Intraday bias remains neutral till the time pair holds key support at 1,257 mark. A sustained close above 1,257 will…
It made intraday high at 1,260 and low at 1,258 levels.
Intraday bias remains neutral till the time pair holds key support at 1,257 mark.
A sustained close above 1,257 will take the parity higher towards key resistances around 1,272, 1,277, 1,282, 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,257 will drag the parity down towards key supports around 1,246, 1,234, 1,218 and 1,206 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 was trading 0.87 pct lower at 2,095 points.
Korea, South Nov 2018 FX reserves increase to 402.99 usd vs previous 402.75 usd.
We prefer to take short position on EUR/KRW only below 1,257, stop loss at 1,270 and target of 1,234.
