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FxWirePro: EUR/KRW breaks key support at 1,209 mark, bias remains neutral

  • EUR/KRW is currently trading around 1,207 mark.
     
  • Pair made intraday high at 1,207 and low at 1,203 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A daily close below 1,203 will drag the parity down towards key supports around 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.
     
  • Alternatively, a sustained close above 1,203 will take the parity higher towards key resistances around 1,215, 1,228, 1,233, 1,242 and 1,252marks respectively.
     
  • Seoul shares open up 0.27 pct.
     
  • 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.

We prefer to take short position in EUR/KRW only below 1,203, stop loss at 1,214 and target of 1,191.

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