- EUR/KRW is currently trading around 1,314 mark.
- It made intraday high at 1,318 and low at 1,314 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1,317 mark.
- A sustained close above 1,317 will take the parity higher towards key resistances around 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
- On the other side, a daily close below 1,302 will drag the parity down towards key supports around 1,294, 1,287, 1,278 and 1,268 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 0.08 pct lower at 2,030.30 points.
- South Korea’s FX reserves stands at 403.32B vs 401.48B previous release.
We prefer to take short position on EUR/KRW around 1,316, stop loss 1,322 and target of 1,302.
