FxWirePro: South Korean won trades marginally lower despite higher than expected consumer sentiment index
EUR/KRW is currently trading around 1,284 mark. Pair made intraday high at 1,286 and low at 1,281 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1,282 mark. A sustained close above…
Pair made intraday high at 1,286 and low at 1,281 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1,282 mark.
A sustained close above 1,282 will take the parity higher towards key resistances around 1,288, 1,295, 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 1,282 will drag the parity down towards key supports around 1,275, 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.
Korea, South Nov 2017 consumer sentiment index increase to 112.3 vs previous 109 (revised from 112.3 ).
Seoul shares open up 0.10 pct.
We prefer to take short position on EUR/KRW around 1,286, stop loss at 1,302 and target of 1,264.
