FxWirePro: South Korean won trades marginally higher on robust consumer sentiment index
EUR/KRW is currently trading around 1,277 mark. It made intraday high at 1,279 and low at 1,277 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,289 mark. A sustained close above 1,279 w…
It made intraday high at 1,279 and low at 1,277 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,289 mark.
A sustained close above 1,279 will take the parity higher towards key resistances around 1,289, 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,279 will drag the parity down towards key supports around 1,272, 1,265, 1,257, 1,246 and 1,234 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 0.07 pct.
Korea, South Mar 2019 consumer sentiment index increase to 99.8 balance vs previous 99.5 balance.
We prefer to take short position on EUR/KRW around 1,280, stop loss 1,289 and target of 1,272/1,265.
