FxWirePro: South Korean won trades marginally lower despite higher than expected current account data
EUR/KRW is currently trading around 1,274 mark. It made intraday high at 1,275 and low at 1,273 levels. Intraday bias remains neutral till the time pair holds key resistance at 1,277 mark. A sustained close above 1,274 w…
It made intraday high at 1,275 and low at 1,273 levels.
Intraday bias remains neutral till the time pair holds key resistance at 1,277 mark.
A sustained close above 1,274 will take the parity higher towards key resistances around 1,277, 1,282, 1,289, 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,274 will drag the parity down towards key supports around 1,265, 1,257, 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.
Korea, South Feb 2019 current account bal nsa increase to 3.6 usd vs previous 2.82 usd (revised from 2.77 usd).
Seoul shares open down 0.10 pct.
We prefer to take short position on EUR/KRW only below 1,272, stop loss 1,277 and target of 1,265/1,257/1,246.
