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FxWirePro: EUR/KRW moves directionless since two weeks, further sideways movement likely

  • EUR/KRW is currently trading around 1,280 mark.
     
  • It made intraday high at 1,281 and low at 1,278 levels
    .
  • Intraday bias remains neutral till the time pair holds key support at 1,275 mark.
     
  • A sustained close above 1,280 will take the parity higher towards key resistances around 1,287, 1,294, 1,307, 1,315 and 1,327 marks respectively.
     
  • On the other side, a daily close below 1,276 will drag the parity down towards key supports around 1,270, 1,257, 1,246, 1,234, 1,218 and 1,206 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 0.33 pct.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

  • Market Data
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