- EUR/KRW is currently trading around 1,291 mark.
- It made intraday high at 1,293 and low at 1,291 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 1,303 mark.
- A sustained close above 1,303 will take the parity higher towards key resistances around 1,319, 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
- On the other side, a daily close below 1,293 will drag the parity down towards key supports around 1,287, 1,278, 1,268 and 1,244 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- South Korea’s Kospi was trading 0.08 point higher at 2,131.75.
- South Korea’s Fx reserves – USD Oct stands at 406.32B vs 403.32B previous release (expected 402.11B).
We prefer to take short position on EUR/KRW around 1,295, stop loss at 1,303 and target of 1,287/1,278.
