FxWirePro: South Korean won trades marginally higher in early Asia, good to sell on rallies
EUR/KRW is currently trading around 1,295 mark. It made intraday high at 1,300 and low at 1,295 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,302 mark. A sustained close above 1,302 w…
It made intraday high at 1,300 and low at 1,295 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,302 mark.
A sustained close above 1,302 will take the parity higher towards key resistances around 1,319, 1,327, 1,347 and 1,363 marks respectively.
On the other side, a daily close below 1,294 will drag the parity down towards key supports around 1,288, 1,274, 1,265, 1,244, 1,212 and 1,200 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
South Korea’s Kospi was trading 1.00 point higher at 2,123.49.
We prefer to take short position on EUR/KRW around 1,297, stop loss at 1,305 and target of 1,274/1,265.
