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FxWirePro: EUR/KRW rejects key support at 1,288 mark, bias turns bullish again

  • EUR/KRW is currently trading around 1,300 mark.
     
  • Pair made intraday high at 1,301 and low at 1,299 levels.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 1,298 mark.
     
  • A sustained close above 1,298 will take the parity higher towards key resistances around 1,307, 1,313, 1,327, 1,338, 1,347, 1,355, 1,363, 1,377 and 1,390 marks respectively.
     
  • On the other side, a daily close below 1,298 will drag the parity down towards key supports around 1,288, 1,277, 1,268 and 1,253 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.
     
  • Seoul shares open down 0.37 pct.

We prefer to take long position on EUR/KRW around 1,298, stop loss at 1,290 and target of 1,313/1,327.

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