FxWirePro: South Korean won trades marginally lower in early Asia, faces key resistance at 1,262 mark
EUR/KRW is currently trading around 1,257 mark. Pair made intraday high at 1,257 and low at 1,253 levels. Intraday bias remains neutral till the time pair holds key resistance at 1,262 mark. A sustained close above 1,262…
Pair made intraday high at 1,257 and low at 1,253 levels.
Intraday bias remains neutral till the time pair holds key resistance at 1,262 mark.
A sustained close above 1,262 will take the parity higher towards key resistances around 1,280, 1,294, 1,302, 1,315 and 1,327 marks respectively
.
On the other side, a daily close below 1,246 will drag the parity down towards key supports around 1,234, 1,222, 1,205 and 1,188 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 0.59 pct.
We prefer to take long position on EUR/KRW only above 1,262, stop loss at 1,246 and target of 1,280.
