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FxWirePro: EUR/KRW hovers around key resistance at 1,284 mark, sustained close above requires for upside rally

  • EUR/KRW is currently trading around 1,282 mark.
     
  • Pair made intraday high at 1,282 and low at 1,279 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1,275 mark.
     
  • A sustained close above 1,284 will take the parity higher towards key resistances around 1,296, 1,302, 1,313, 1,327, 1,338, 1,347 and 1,355 marks respectively.
     
  • On the other side, a daily close below 1,279 will drag the parity down towards key supports around 1,273, 1,264, 1,253 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.
     
  • South Korea’s kospi was trading 0.24 pct higher at 2,485.68 points.

We prefer to take long position on EUR/KRW only above 1,284, stop loss at 1,275 and target of 1,296.

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