FxWirePro: South Korean won erases previous loss against euro, short term trend reversal likely

• EUR/KRW is currently trading around 1,335 mark.
   
• Pair made intraday high at 1,339 and low at 1,335 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 1,349 mark.
   
• A sustained close above 1,339 will take the parity higher towards key resistances around 1,363, 1,377 and 1,390 marks respectively.
   
• On the other side, a daily close below 1,339 will drag the parity down towards key supports around 1,323, 1,313, 1,302, 1,290, 1,277, 1,265 and 1,247 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• South Korean banks will be closed in observance of National Liberation Day.
   
• French and Italian banks will be closed in observance of Assumption Day.

We prefer to take short position on EUR/KRW around 1,337, stop loss at 1,349 and target of 1,320.

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