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FxWirePro: EUR/KRW stabilizes above 1,280 mark, consistent close above requires for upside rally

  • EUR/KRW is currently trading around 1,283 mark.
     
  • It made intraday high at 1,284 and low at 1,279 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1,270 mark.
     
  • A sustained close above 1,280 will take the parity higher towards key resistances around 1,294, 1,307, 1,315 and 1,327 marks respectively.
     
  • On the other side, a daily close below 1,280 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. Current upside movement is short term trend correction only.
     
  • Seoul shares open down 1.32 pct.

We prefer to take long position on EUR/KRW around 1,280, stop loss at 1,270 and target of 1,294.

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