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FxWirePro: South Korean won trades marginally higher on robust consumer confidence data

  • EUR/KRW is currently trading around 1,293 mark.
     
  • It made intraday high at 1,295 and low at 1,293 levels.
     
  • Intraday bias remains bearish till the time pair holds immediate resistance at 1,302 mark.
     
  • A sustained close above 1,297 will take the parity higher towards key resistances around 1,302, 1,323, 1,347 and 1,363 marks respectively.
     
  • On the other side, a daily close below 1,295 will drag the parity down towards key supports around 1,282, 1,274, 1,265 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 consumer confidence stands at 104.2 vs 100.5 previous release (expected 97.5).
     
  • South Korea’s kospi was trading 0.40 pct higher at 2,185.75 points.

We prefer to take short position on EUR/KRW around 1,295, stop loss at 1,302 and target of 1,282/1,274.

  • Market Data
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