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- EUR/KRW is currently trading around 1,281 mark.
- It made intraday high at 1,285 and low at 1,280 levels.
- Intraday bias remains neutral till the time pair holds key support at 1,278 mark.
- A sustained close above 1,280 will take the parity higher towards key resistances around 1,294, 1,307, 1,315 and 1,327 marks respectively.
- On the other side, a daily close below 1,278 will drag the parity down towards key supports around 1,270, 1,257, 1,246, 1,234, 1,218 and 1,206 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 up 0.21 pct.
We prefer to take short position on EUR/KRW only below 1,278, stop loss at 1,290 and target of 1,270/1,257.
