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FxWirePro: South Korean won trades marginally lower despite higher than expected consumer confidence index

  • EUR/KRW is currently trading around 1,249 mark.
     
  • Pair made intraday high at 1,249 and low at 1,246 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A sustained close above 1,246 will take the parity higher towards key resistances around 1,256, 1,268, 1,280, 1,294, 1,302, 1,315 and 1,327 marks respectively.
     
  • On the other side, a daily close below 1,246 will drag the parity down towards key supports around 1,242, 1,234, 1,222 and 1,205 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 0.09 pct.
     
  • Korea, South May consumer sentiment index increase to 107.9 vs prev 107.

We prefer to take short position on EUR/KRW around 1,250, stop loss at 1,268 and target of 1,222.

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