FxWirePro: South Korean won trades marginally higher against euro in early Asia, sustained close below 1,327 requires for downside rally
EUR/KRW is currently trading around 1,330 mark. It made intraday high at 1,333 and low at 1,330 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1,340 mark. A sustained close abov…
It made intraday high at 1,333 and low at 1,330 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1,340 mark.
A sustained close above 1,333 will take the parity higher towards key resistances around 1,340, 1,358, 1,363, 1,377 and 1,392 marks respectively.
On the other side, a daily close below 1,327 will drag the parity down towards key supports around 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 up 0.52 pct.
We prefer to take short position on EUR/KRW only below 1,327, stop loss 1,340 and target of 1,302.
