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FxWirePro: South Korean won trades flat against euro, further sideways movement likely

  • EUR/KRW is currently trading around 1,329 mark.
     
  • It made intraday high at 1,330 and low at 1,328 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 1,338 mark.
     
  • A sustained close above 1,338 will take the parity higher towards key resistances around 1,358, 1,363, 1,377 and 1,392 marks respectively.
     
  • On the other side, a daily close below 1,331 will drag the parity down towards key supports around 1,328, 1,317, 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.
     
  • Seoul shares open down 0.18 pct.
     
  • Korea, South May 2019 trade balance revised decrease to 2.25 usd vs previous 2.27 usd.
     
  • Korea, South May 2019 import growth revised increase to -1.8 % vs previous -1.9 %.
     
  • Korea, South May 2019 export growth revised decrease to -9.5 % vs previous -9.4 %.

We prefer to take short position on EUR/KRW around 1,330, stop loss 1,338 and target of 1,317.

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