FxWirePro: South Korean won trades marginally lower as consumer confidence data misses expectations
EUR/KRW is currently trading around 1,303 mark. It made intraday high at 1,304 and low at 1,302 levels. Intraday bias remains neutral till the time pair holds key support at 1,302 mark. A sustained close above 1,302 will…
It made intraday high at 1,304 and low at 1,302 levels.
Intraday bias remains neutral till the time pair holds key support at 1,302 mark.
A sustained close above 1,302 will take the parity higher towards key resistances around 1,319, 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 point higher at 2,086.32.
South Korea’s consumer confidence stands at 98.6 pct vs 96.9 pct previous release (expected 100.00).
We prefer to take short position on EUR/KRW only below 1,302, stop loss at 1,311 and target of 1,294/1,287.
