FxWirePro:EUR/KRW hovers around key support at 1,246 mark, sustained close below requires for downside rally

• EUR/KRW is currently trading around 1,247.5 mark.
   
• Pair made intraday high at 1,248.9 and low at 1,247.0 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,247.0 mark.
   
• A sustained close above 1,247.1 will take the parity higher towards key resistances around 1,262, 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.
   
• Seoul shares open up 0.23 pct.
   
• Korea, South May consumer sentiment index increase to 108 vs previous 107.

We prefer to take short position on EUR/KRW only below 1,247, stop loss at 1,262 and target of 1,234.

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