- EUR/KRW is currently trading around 1,239 mark.
- Pair made intraday high at 1,239 and low at 1,237 levels.
- Intraday bias remains neutral till the time pair holds key support at 1,237 mark.
- A daily close below 1,237 will drag the parity down towards key supports around 1,227, 1,218, 1,212, 1,208, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
- Alternatively, a sustained close above 1,237 will take the parity higher towards key resistances around 1,245, 1,252, 1,262 and 1,274 marks respectively.
- South Korea’s banks will be closed in observance of Labor Day.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- South Korea’s April export growth prelim increase to 24.2 % (forecast 15.3 %) vs previous 13.6 %.
- South Korea’s April import growth prelim decrease to 16.6 % (forecast 21.0 %) vs previous 27.7 %.
- South Korea’s April trade balance prelim increase to 13.3 bln $ vs previous 6.27 bln $.
We prefer to take long position in EUR/KRW around 1,232, stop loss at 1,227 and target of 1,245/1,262.
