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- EUR/KRW is currently trading around 1,235 mark.
- Pair made intraday high at 1,237 and low at 1,234 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 1,237 mark.
- A daily close below 1,237 will drag the parity down towards key supports around 1,232, 1,227, 1,218, 1,212, 1,208, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
- Alternatively, a sustained close above 1,237 will take the parity higher towards key resistances around 1,251, 1,262 and 1,274 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.
- Liberal politician Moon Jae-in decisively won South Korea's presidential election on Tuesday.
- South Korea president Moon Jae-in to hold news conference at 2:30 pm (0530 GMT) on Wednesday.
We prefer to take short position in EUR/KRW around 1,235, stop loss at 1,242 and target of 1,227/1,222.
