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FxWirePro: EUR/KRW hits fresh 2-month low at 1,314 mark, bias turns bearish again

  • EUR/KRW is currently trading around 1,313 mark.
     
  • Pair made intraday high at 1,320 and low at 1,313 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 1,332 mark.
     
  • A sustained close above 1,319 will take the parity higher towards key resistances around 1,332, 1,338, 1,356, 1,377 and 1,392 marks respectively.
     
  • On the other side, a daily close below 1,319 will drag the parity down towards key supports around 1,308, 1,298, 1,288, 1,272 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 up 0.43 pct.

We prefer to take short position on EUR/KRW around 1,318, stop loss at 1,332 and target of 1,288.

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