FxWirePro: South Korean won trades marginally higher in early Asia, sustained close below 1,302 requires for downside rally
EUR/KRW is currently trading around 1,312 mark. It made intraday high at 1,314 and low at 1,312 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,318 mark. A sustained close above 1,318 w…
It made intraday high at 1,314 and low at 1,312 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,318 mark.
A sustained close above 1,318 will take the parity higher towards key resistances around 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
On the other side, a daily close below 1,302 will drag the parity down towards key supports around 1,294, 1,287, 1,278 and 1,268 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 0.03 pct lower at 2,090.28 points.
We prefer to take short position on EUR/KRW around 1,315, stop loss 1,322 and target of 1,302/1,294/1,287.
