FxWirePro: South Korean won trades marginally lower as current account data misses expectations
EUR/KRW is currently trading around 1,287 mark. Pair made intraday high at 1,289 and low at 1,286 levels. Intraday bias remains slightly bullish for the moment. A sustained close above 1,286 will take the parity higher t…
Pair made intraday high at 1,289 and low at 1,286 levels.
Intraday bias remains slightly bullish for the moment.
A sustained close above 1,286 will take the parity higher towards key resistances around 1,294, 1,302, 1,313, 1,327, 1,338, 1,347, 1,355, 1,363, 1,377 and 1,390 marks respectively.
On the other side, a daily close below 1,286 will drag the parity down towards key supports around 1,278, 1,273, 1,264, 1,253 and 1,234 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.
Seoul shares open down 0.44 pct.
Korea, South Oct 2017 current account balance decrease to 5.01 usd vs previous 10.42 usd (revised from 10.07 usd).
We prefer to take short position on EUR/KRW only below 1,282, stop loss at 1,294 and target of 1,264.
