FxWirePro: South Korean won trades marginally lower against euro, consistent close below 1,305 requires for downside rally
EUR/KRW is currently trading around 1,310 mark. It made intraday high at 1,311 and low at 1,305 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1,305 mark. A sustained close above 1…
It made intraday high at 1,311 and low at 1,305 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1,305 mark.
A sustained close above 1,316 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 1,305 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. Current upside movement is short term trend correction only.
We prefer to take short position on EUR/KRW around 1,312, stop loss 1,327 and target of 1,304/1,294/1,287.
