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FxWirePro: South Korean won falls gradually against euro, upside limited

  • EUR/KRW is currently trading around 1,286 mark.
     
  • It made intraday high at 1,287 and low at 1,284 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1,284 mark.
     
  • A sustained close above 1,284 will take the parity higher towards key resistances around 1,290, 1,302, 1,324, 1,332, 1,347 and 1,363 marks respectively.
     
  • On the other side, a daily close below 1,284 will drag the parity down towards key supports around 1,274, 1,265, 1,244 and 1,222 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA down and confirms the bearish trend in a daily chart.
     
  • South Korea’s kospi was trading 0.60 pct lower at 2,195.57 points.

We prefer to take long position on EUR/KRW only above 1,290, stop loss at 1,279 and target of 1,302/1,324.

  • Market Data
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