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

• EUR/KRW is currently trading around 1,310 mark.
   
• It made intraday high at 1,310 and low at 1,306 levels.
   
• Intraday bias remains slightly bullish till the time pair holds immediate support at 1,306 mark.
   
• A sustained close above 1,306 will take the parity higher towards key resistances around 1,324, 1,332, 1,347 and 1,363 marks respectively.
   
• On the other side, a daily close below 1,306 will drag the parity down towards key supports around 1,290, 1,282, 1,274, 1,265 and 1,244 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart.
   
• South Korea’s FX reserves stands at 409.65B vs 408.82B previous release.
   
• South Korea’s kospi was trading 0.33 pct higher at 2,164.25 points.

We prefer to take short position on EUR/KRW only below 1,306, stop loss at 1,320 and target of 1,290.