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

  • EUR/KRW is currently trading around 1,318 mark.
     
  • It made intraday high at 1,319 and low at 1,317 levels.
     
  • Intraday bias remains neutral till the time pair moves in stiff boundaries from 1,308 to 1,328 mark.
     
  • A sustained close above 1,328 will take the parity higher towards key resistances around 1,332, 1,340, 1,358, 1,363, 1,377 and 1,392 marks respectively.
     
  • On the other side, a daily close below 1,318 will drag the parity down towards key supports around 1,308, 1,302, 1,294, 1,287, 1,278 and 1,268 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • South Korea’s Kospi was trading 0.24 pct higher at 2,098.55 points.

We prefer to take short position on EUR/KRW around 1,320, stop loss 1,328 and target of 1,308/1,294.

  • Market Data
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