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FxWirePro: South Korean won continues to trade in stiff boundaries, sustained close below 1,308 targets 1,287 mark

  • EUR/KRW is currently trading around 1,319 mark.
     
  • It made intraday high at 1,321 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 1,308 will drag the parity down towards key supports around 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 0.02 pct lower at 2,093.55 points.

We prefer to take short position on EUR/KRW only below 1,317, stop loss 1,330 and target of 1,308/1,294.

By Aarti Panchal
  • Market Data
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