FxWirePro: South Korean won trades marginally lower despite higher than expected current account data
EUR/KRW is currently trading around 1,288 mark. Pair made intraday high at 1,289 and low at 1,286 levels. Intraday bias remains neutral till the time pair holds stiff resistance at 1,290 mark. A sustained close above 1,2…
Pair made intraday high at 1,289 and low at 1,286 levels.
Intraday bias remains neutral till the time pair holds stiff resistance at 1,290 mark.
A sustained close above 1,290 will take the parity higher towards key resistances around 1,302, 1,315, 1,327, 1,332, 1,340, 1,356, 1,377 and 1,392 marks respectively.
On the other side, a daily close below 1,285 will drag the parity down towards key supports around 1,273, 1,264, 1,242 and 1,222 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Seoul shares open down 0.03 pct.
Korea, South March current account balance increase to 5.18 bln us vs previous 3.96 bln us (revised from 4.03 bln us).
We prefer to take short position on EUR/KRW only below 1,285, stop loss at 1,302 and target of 1,264.
