• FxWirePro: South Korean WON rises gradually against Euro, bias remains bearish

    Source: FxWire Pro - Technicals / 24 May 2018 22:08:38   America/New_York

    • EUR/KRW is currently trading around 1,263 mark.
       
    • Pair made intraday high at 1,265 and low at 1,263 levels.
       
    • Intraday bias remains bearish till the time pair holds key resistance at 1,270 mark.
       
    • A sustained close above 1,267 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 1,259 will drag the parity down towards key supports around 1,242, 1,222 and 1,205 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 0.54 pct.

    We prefer to take short position on EUR/KRW around 1,264, stop loss at 1,276 and target of 1,242/1,222.

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