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FxWirePro: South Korean won trades marginally higher on robust consumer sentiment index

  • EUR/KRW is currently trading around 1,277 mark.
     
  • It made intraday high at 1,279 and low at 1,277 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 1,289 mark.
     
  • A sustained close above 1,279 will take the parity higher towards key resistances around 1,289, 1,294, 1,307, 1,315 and 1,327 marks respectively.
     
  • On the other side, a daily close below 1,279 will drag the parity down towards key supports around 1,272, 1,265, 1,257, 1,246 and 1,234 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 down 0.07 pct.
     
  • Korea, South Mar 2019 consumer sentiment index increase to 99.8 balance vs previous 99.5 balance.

We prefer to take short position on EUR/KRW around 1,280, stop loss 1,289 and target of 1,272/1,265.

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