FxWirePro: South Korean won trades marginally higher on robust current account, FX reserves data
EUR/KRW is currently trading around 1,343 mark. Pair made intraday high at 1,345 and low at 1,341 levels. Intraday bias remains neutral till the time pair holds key resistance at 1,349 mark. A sustained close above 1,349…
Pair made intraday high at 1,345 and low at 1,341 levels.
Intraday bias remains neutral till the time pair holds key resistance at 1,349 mark.
A sustained close above 1,349 will take the parity higher towards key resistances around 1,356, 1,363, 1,377 and 1,390 marks respectively.
On the other side, a daily close below 1,345 will drag the parity down towards key supports around 1,338, 1,326, 1,320, 1,313, 1,302, 1,290, 1,277, 1,265 and 1,247 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
South Korea July current account balance increases to 7.02 bln USD vs previous 5.08 bln USD.
South Korea August FX reserves increase to 384.84 bln USD vs previous 383.76 bln USD.
Seoul shares open up 0.47 pct.
We prefer to take long position on EUR/KRW only above 1,349, stop loss at 1,338 and target of 1,363.
