FxWirePro: South Korean won trades marginally lower in early Asia, further sideways movement likely
EUR/KRW is currently trading around 1,271 mark. It made intraday high at 1,272 and low at 1,269 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1,265 mark. A sustained close above 1…
It made intraday high at 1,272 and low at 1,269 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1,265 mark.
A sustained close above 1,269 will take the parity higher towards key resistances around 1,278, 1,288, 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,269 will drag the parity down towards key supports around 1,257, 1,246 and 1,234 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Seoul shares open up 0.44 pct.
Korea, South Jan 2019 unemployment rate increase to 4.4 % vs previous 3.8 %
We prefer to take long position on EURKRW around 1,270, stop loss 1,265 and target of 1,288.
