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FxWirePro: EUR/KRW hovers around key resistance at 1,294 mark, consistent close above requires for upside rally

  • EUR/KRW is currently trading around 1,294 mark.
     
  • Pair made intraday high at 1,294 and low at 1,289 levels.
     
  • Intraday bias remains slightly bullish for the moment.
     
  • A sustained close above 1,289  will take the parity higher towards key resistances around 1,294, 1,302, 1,308, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
     
  • On the other side, a daily close below 1,289 will drag the parity down towards key supports around  1,282, 1,277, 1,267, 1,258, 1,246 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 0.16 pct.

We prefer to take long position on EUR/KRW only above 1,295, stop loss at 1,282 and target of 1,302/1,308.

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