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FxWirePro: South Korean won falls noticeably against euro in early Asia, sustained close above 1,324 requires for upside rally

  • EUR/KRW is currently trading around 1,312 mark.
  • It made intraday high at 1,319 and low at 1,307 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1,298 mark.
     
  • A sustained close above 1,307 will take the parity higher towards key resistances around 1,324, 1,332, 1,347 and 1,363 marks respectively.
     
  • On the other side, a daily close below 1,307 will drag the parity down towards key supports around 1,298, 1,274, 1,265, 1,244 and 1,222 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart.
     
  • South Korea’s kospi was trading 2.90 pct lower at 2,100.12 points.
     

We prefer to take long position on EUR/KRW around 1,315, stop loss at 1,302 and target of 1,324/1,347.

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