FxWirePro: South Korean won trades marginally higher on robust current account data
EUR/KRW is currently trading around 1,315 mark. It made intraday high at 1,319 and low at 1,315 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,319 mark. A sustained close above 1,319 w…
It made intraday high at 1,319 and low at 1,315 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,319 mark.
A sustained close above 1,319 will take the parity higher towards key resistances around 1,327, 1,347 and 1,363 marks respectively.
On the other side, a daily close below 1,319 will drag the parity down towards key supports around 1,311, 1,302, 1,290, 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 0.03 point lower at 2,068.27.
South Korea’s current account stands at 7.83B vs 7.48B previous release (expected 7.47B).
We prefer to take short position on EUR/KRW only below 1,315, stop loss at 1,320 and target of 1,302.
