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FxWirePro: EUR/KRW hits fresh 3-week low at 1,298 mark, sustained close below targets 1,267 mark

  • EUR/KRW is currently trading around 1,298 mark.
     
  • Pair made intraday high at 1,299 and low at 1,298 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 1,305 mark.
     
  • A sustained close above 1,298 will take the parity higher towards key resistances around 1,305, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
     
  • On the other side, a daily close below 1,298 will drag the parity down towards key supports around  1,294, 1,286, 1,277, 1,267, 1,258, 1,246, 1,234 and 1,222 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 down 0.21 pct.

We prefer to take short position on EUR/KRW around 1,300, stop loss at 1,305 and target of 1,286/1,267.

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