FxWirePro: South Korean won trades marginally lower despite robust FX reserves data

• EUR/KRW is currently trading around 1,303 mark.
   
• It made intraday high at 1,303 and low at 1,300 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1,292 mark.
   
• A sustained close above 1,300 will take the parity higher towards key resistances around 1,310, 1,323, 1,347 and 1,363 marks respectively.
   
• On the other side, a daily close below 1,292 will drag the parity down towards key supports around 1,282, 1,274, 1,265 and 1,244 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• South Korea’s kospi was trading 0.76 pct lower at 2,158.79 points.
   
• South Korea’s FX reserves – USD stands at 408.82B vs 407.46B.

We prefer to take long position on EUR/KRW around 1,301, stop loss at 1,297 and target of 1,310/1,323.