• FxWirePro: EUR/KRW trades in narrow range, sustained close below 1,266 requires for downside rally

    Source: FxWire Pro - Technicals / 22 May 2018 22:04:29   America/New_York

    • EUR/KRW is currently trading around 1,267 mark.
       
    • Pair made intraday high at 1,269 and low at 1,266 levels.
       
    • Intraday bias remains neutral till the time pair holds key support at 1,265 mark.
       
    • A sustained close above 1,266 will take the parity higher towards key resistances around 1,280, 1,294, 1,302, 1,315, 1,327, 1,332 and 1,340 marks respectively.
       
    • On the other side, a daily close below 1,266 will drag the parity down towards key supports around 1,258, 1,242 and 1,222 marks respectively.
       
    • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
       
    • Seoul shares open down 0.11 pct.

    We prefer to take short position on EUR/KRW only below 1,265, stop loss at 1,280 and target of 1,242.

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