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 a…
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.
