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FxWirePro: EUR/KRW moves in stiff boundaries, downside limited

  • EUR/KRW is currently trading around 1,313 mark.
     
  • Pair made intraday high at 1,314 and low at 1,311 levels.
     
  • Intraday bias remains neutral till the time pair holds immediate support at 1,305 mark.
     
  • A sustained close above 1,311 will take the parity higher towards key resistances around 1,320, 1,327, 1,338 and 1,358 marks respectively.
     
  • On the other side, a daily close below 1,311 will drag the parity down towards key supports around 1,305, 1,294, 1,286, 1,277, 1,267, 1,258, 1,246, 1,234 and 1,222 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • Seoul shares open up 0.69 pct.

We prefer to take short position on EUR/KRW only below 1,311, stop loss at 1,320 and target of 1,294.

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