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FxWirePro: South Korean won trades marginally higher against euro, faces strong support at 1,308 mark

EUR/KRW is currently trading around 1,311 mark. Pair made intraday high at 1,313 and low at 1,311 levels. Intraday bias remains bearish till the time pair holds immediate resistance at 1,314 mark. A sustained close above…

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FxWirePro: South Korean won trades marginally higher against euro, faces strong support at 1,308 mark
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  • EUR/KRW is currently trading around 1,311 mark.
     
  • Pair made intraday high at 1,313 and low at 1,311 levels.
     
  • Intraday bias remains bearish till the time pair holds immediate resistance at 1,314 mark.
     
  • A sustained close above 1,312 will take the parity higher towards key resistances around 1,320, 1,332, 1,338, 1,356, 1,377 and 1,392 marks respectively.
     
  • On the other side, a daily close below 1,312 will drag the parity down towards key supports around 1,308, 1,290, 1,273 and 1,264 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
     
  • Seoul shares open down 0.08 pct.

We prefer to take short position on EUR/KRW around 1,312, stop loss at 1,317 and target of 1,308/1,290.

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