FxWirePro: South Korean won trades marginally lower despite higher than expected current account data
EUR/KRW is currently trading around 1,279 mark. Pair made intraday high at 1,280 and low at 1,277 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1,277 mark. A sustained close above…
Pair made intraday high at 1,280 and low at 1,277 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1,277 mark.
A sustained close above 1,277 will take the parity higher towards key resistances around 1,285, 1,292, 1,307, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,277 will drag the parity down towards key supports around 1,267, 1,258, 1,246 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 0.43 pct.
Korea, South Sep 2018 current account bal nsa increase to 10.83 usd vs previous 8.44 usd (revised from 8.44 usd).
We prefer to take short position on EUR/KRW only below 1,277, stop loss at 1,288 and target of 1,270/1,258/1,246.
