FxWirePro: South Korean won trades marginally lower despite higher than expected current account data
EUR/KRW is currently trading around 1,281 mark. Pair made intraday high at 1,281 and low at 1,279 levels. Intraday bias remains neutral till the time pair holds key resistance at 1,284 mark. A sustained close above 1,284…
Pair made intraday high at 1,281 and low at 1,279 levels.
Intraday bias remains neutral till the time pair holds key resistance at 1,284 mark.
A sustained close above 1,284 will take the parity higher towards key resistances around 1,296, 1,302, 1,313, 1,327, 1,338, 1,347 and 1,355 marks respectively.
On the other side, a daily close below 1,275 will drag the parity down towards key supports around 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 up 0.42 pct.
Korea, South Nov current account balance increase to 5.67 bln us vs prev 5.01 bln us.
Korea, South Nov current account balance increase to 5.67 bln us vs prev 5.01 bln us.
We prefer to take long position on EUR/KRW only above 1,284, stop loss at 1,275 and target of 1,296/1,302.
