FxWirePro: South Korean won rises gradually against euro, downside limited

• EUR/KRW is currently trading around 1,290 mark.
   
• Pair made intraday high at 1,293 and low at 1,290 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 1,297 mark.
   
• A sustained close above 1,297 will take the parity higher towards key resistances around 1,305, 1,316, 1,321, 1,338, 1,351 and 1,377 marks respectively.
   
• On the other side, a daily close below 1,297 will drag the parity down towards key supports around 1,277, 1,265, 1,247, 1,234, 1,225, 1,218, 1,207, 1,200, 1,194 and 1,189 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.
   
• Seoul shares open up 0.54 pct at 2427.76.

We prefer to take short position in EUR/KRW only below 1,288, stop loss at 1,297 and target of 1,277/1,272.

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