- EUR/KRW is currently trading around 1,226 mark.
- Pair made intraday high at 1,227 and low at 1,224 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 1,228 mark.
- A daily close below 1,225 will drag the parity down towards key supports around 1,214, 1,209, 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.
- Alternatively, a sustained close above 1,225 will take the parity higher towards key resistances around 1,228, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
- Seoul shares open down 0.11 pct at 2088.67.
- 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.
- South Korea’s January L-money supply growth decrease to 6.8 % vs previous 7.5 %.
We prefer to take short position in EUR/KRW around 1,228, stop loss at 1,242 and target of 1,214/1,209/1,199.
