- EUR/KRW is currently trading around 1,291 mark.
- Pair made intraday high at 1,292 and low at 1,285 levels.
- Intraday bias remains slightly 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 1,296, 1,302, 1,313, 1,327, 1,338, 1,347 and 1,355 marks respectively.
- On the other side, a daily close below 1,291 will drag the parity down towards key supports around 1,284, 1,272, 1,264, 1,248 and 1,234 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 0.58 pct.
- Korea, South Dec trade balance revised decrease to 5.54 bln vs previous 5.8 bln.
We prefer to take long position on EUR/KRW around 1,290, stop loss at 1,272 and target of 1,302/1,313.
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