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FxWirePro: EUR/KRW rejects key resistance at 1,224 mark, consistent close below 1,217 targets 1,201 mark

  • EUR/KRW is currently trading around 1,220 mark.
     
  • Pair made intraday high at 1,220 and low at 1,216 levels.

  • Intraday bias remains neutral till the time pair holds key support at 1,217 mark.
     
  • A daily close below 1,217 will drag the parity down towards key supports around 1,208, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.

  • Alternatively, a sustained close above 1,217 will take the parity higher towards key resistances around 1,224, 1,228, 1,233, 1,242 and 1,252marks respectively.
     
  • Seoul shares open up 0.56 pct at 2161.24.
     
  • 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.

We prefer to take short position in EUR/KRW only below 1,217, stop loss at 1,224 and target of 1,201.

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