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FxWirePro: South Korean won trades marginally lower as consumer confidence data misses expectations

  • EUR/KRW is currently trading around 1,340 mark. 
  • It made intraday high at 1,342 and low at 1,337 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1,336 mark.
     
  • A sustained close above 1,340 will take the parity lower towards key resistances around 1,377, 1,392, 1,400, 1,408 and 1,428 marks respectively.
     
  • On the other side, a daily close below 1,329 will drag the parity down towards key supports around 1,318, 1,307, 1,298, 1,274 and 1,265 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart.
     
  • South Korea’s kospi was trading 1.11 pct higher at 1,705.74 points.
     
  • South Korea’s consumer confidence stands at 78.4 vs 96.9 previous release.

We prefer to take short position on EUR/KRW only below 1,337, stop loss at 1,350 and target of 1,307/1,298.

  • Market Data
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