- EUR/KRW is currently trading around 1,279 mark.
- It made intraday high at 1,281 and low at 1,279 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1,289 mark.
- A sustained close above 1,281 will take the parity higher towards key resistances around 1,289, 1,294, 1,307, 1,315 and 1,327 marks respectively.
- On the other side, a daily close below 1,279 will drag the parity down towards key supports around 1,272, 1,265, 1,257, 1,246 and 1,234 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
- Seoul shares open down 0.67 pct.
- Korea, South April 2019 BOK manufacturing BSI increase to 75 balance vs previous 74 balance.
We prefer to take short position on EUR/KRW only below 1,276, stop loss 1,285 and target of 1,265.
