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FxWirePro: EUR/KRW trades flat at 1,314 mark, sustained close above 1,319 requires for upside rally

  • EUR/KRW is currently trading around 1,314 mark.
     
  • It made intraday high at 1,315 and low at 1,313 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 1,319 mark.
     
  • A sustained close above 1,319 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. Current upside movement is short term trend correction only.
     
  • South Korea’s Kospi was trading 0.08 point higher at 2,062.43.

We prefer to take short position on EUR/KRW only below 1,310, stop loss at 1,317 and target of 1,302/1,294.

By Aarti Panchal
  • Market Data
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