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FxWirePro: EUR/KRW rejects key resistance at 1,290 mark, good to sell on rallies

  • EUR/KRW is currently trading around 1,284 mark.
     
  • It made intraday high at 1,288 and low at 1,284 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 1,288 mark.
     
  • A sustained close above 1,288 will take the parity higher towards key resistances around 1,294, 1,302, 1,319, 1,327, 1,347 and 1,363 marks respectively.
     
  • On the other side, a daily close below 1,274 will drag the parity down towards key supports around 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.
     
  • South Korea’s Kospi was trading 0.74 point higher at 2,156.32.

We prefer to take short position on EUR/KRW around 1,286, stop loss at 1,292 and target of 1,274/1,265.

By Aarti Panchal
  • Market Data
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