- EUR/KRW is currently trading around 1,312 mark.
- It made intraday high at 1,312 and low at 1,310 levels.
- Intraday bias remains bullish till the time pair holds key support at 1,302 mark.
- A sustained close above 1,310 will take the parity higher towards key resistances around 1,319, 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. Current upside movement is short term trend correction only.
- South Korea’s Kospi was trading 0.23 point higher at 2,082.80.
We prefer to take long position on EUR/KRW around 1,311, stop loss at 1,301 and target of 1,319/1,327.
By Aarti Panchal