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FxWirePro: EUR/KRW hits fresh 2 – week high at 1,294 mark, stay long

  • EUR/KRW is currently trading around 1,292 mark.
     
  • It made intraday high at 1,294 and low at 1,291 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1,284 mark.
     
  • A sustained close above 1,291 will take the parity higher towards key resistances around 1,302, 1,319, 1,327, 1,347 and 1,363 marks respectively.
     
  • On the other side, a daily close below 1,291 will drag the parity down towards key supports around 1,283, 1,274, 1,265, 1,244, 1,212 and 1,200 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.
     
  • South Korea’s Kospi was trading 0.78 point lower at 2,145.24.

We prefer to take long position on EUR/KRW around 1,292, stop loss at 1,284 and target of 1,302/1,319.

By Aarti Panchal
  • Market Data
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