• FxWirePro: South Korean WON remains unchanged after unemployment rate data, sustained close below 1,277 requires for downside rally

    Source: FxWire Pro - Technicals / 16 Aug 2018 21:49:13   America/New_York

    • EUR/KRW is currently trading around 1,279 mark.
       
    • Pair made intraday high at 1,281 and low at 1,279 levels.
       
    • Intraday bias remains neutral till the time pair holds key support at 1,277 mark.
       
    • A sustained close above 1,287  will take the parity higher towards key resistances around 1,294, 1,302, 1,308, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
       
    • On the other side, a daily close below 1,277 will drag the parity down towards key supports around  1,267, 1,258, 1,246 and 1,234 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 up 0.17 pct.
       
    • Korea, South July 2018 unemployment rate increase to 3.8 % vs previous 3.7 %.

    We prefer to take short position on EUR/KRW only below 1,277, stop loss at 1,294 and target of 1,258.

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