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FxWirePro: EUR/KRW touches 1,274 mark in early Asia, consistent close below requires for downside rally

  • EUR/KRW is currently trading around 1,277 mark.
     
  • It made intraday high at 1,274 and low at 1,277 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1,274 mark.
     
  • A sustained close above 1,275 will take the parity higher towards key resistances around 1,288, 1,294, 1,307, 1,315 and 1,327 marks respectively.
     
  • On the other side, a daily close below 1,275 will drag the parity down towards key supports around 1,268, 1,257, 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.
     
  • Seoul shares open up 0.19 pct.

We prefer to take short position on EUR/KRW only below 1,274, stop loss at 1,288 and target of 1,257.

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