FxWirePro: EUR/KRW exhibits range bound movement, bias remains neutral

• EUR/KRW is currently trading around 1,290 mark.
   
• Pair made intraday high at 1,291 and low at 1,288 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,288 mark.
   
• A sustained close above 1,288 will take the parity higher towards key resistances around 1,301, 1,307, 1,313, 1,327, 1,338, 1,347, 1,355, 1,363, 1,377 and 1,390 marks respectively.
   
• On the other side, a daily close below 1,288 will drag the parity down towards key supports around 1,277, 1,268 and 1,253 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• Seoul shares open down 0.43 pct.

We prefer to take short position on EUR/KRW only below 1,288, stop loss at 1,301 and target of 1,277/1,253.

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