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FxWirePro: South Korean won marginally higher on robust consumer sentiment index

  • EUR/KRW is currently trading around 1,252 mark.
     
  • Pair made intraday high at 1,255 and low at 1,250 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 1,257 mark.
     
  • A daily close below 1,253 will drag the parity down towards key supports around 1,247, 1,242, 1,234, 1,225, 1,218, 1,207, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
     
  • Alternatively, a sustained close above 1,253 will take the parity higher towards key resistances around 1,257, 1,263, 1,274, 1,287 and 1,304 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 up 0.06 pct at 2344.39.
     
  • South Korea May consumer sentiment index increase to 108.0 vs previous 101.2.

We prefer to take short position in EUR/KRW around 1,253, stop loss at 1,263 and target of 1,247/1,234.

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