FxWirePro: South Korean won trades marginally lower in early Asia, good to sell on rallies
EUR/KRW is currently trading around 1,276 mark. Pair made intraday high at 1,277 and low at 1,272 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1,272 mark. A sustained close above…
Pair made intraday high at 1,277 and low at 1,272 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1,272 mark.
A sustained close above 1,272 will take the parity higher towards key resistances around 1,285, 1,292, 1,307, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,272 will drag the parity down towards key supports around 1,267, 1,258, 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. Current upside movement is short term trend correction only.
Seoul shares open down 0.77 pct.
Korea, South Oct 2018 fx reserves decrease to 402.75 usd vs previous 403 usd.
We prefer to take short position on EUR/KRW around 1,280, stop loss at 1,292 and target of 1,258/1,246.
