FxWirePro: South Korean won trades marginally lower in early Asia, faces strong resistance at 1,314 mark
EUR/KRW is currently trading around 1,313 mark. Pair made intraday high at 1,313 and low at 1,311 levels. Intraday bias remains neutral till the time pair holds immediate resistance at 1,314 mark. A sustained close above…
Pair made intraday high at 1,313 and low at 1,311 levels.
Intraday bias remains neutral till the time pair holds immediate resistance at 1,314 mark.
A sustained close above 1,314 will take the parity higher towards key resistances around 1,322, 1,332, 1,338, 1,356, 1,377 and 1,392 marks respectively.
On the other side, a daily close below 1,308 will drag the parity down towards key supports around 1,290, 1,273 and 1,264 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
Seoul shares open down 0.04 pct.
We prefer to take long position on EUR/KRW only above 1,314, stop loss at 1,308 and target of 1,338.