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 ke…
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.
