• FxWirePro: South Korean WON trades marginally higher in early Asia, good to sell on rallies

    Source: FxWire Pro - Technicals / 24 Nov 2019 20:22:34   America/New_York

    • EUR/KRW is currently trading around 1,295 mark.
       
    • It made intraday high at 1,300 and low at 1,295 levels.
       
    • Intraday bias remains bearish till the time pair holds key resistance at 1,302 mark.
       
    • A sustained close above 1,302 will take the parity higher towards key resistances around 1,319, 1,327, 1,347 and 1,363 marks respectively.
       
    • On the other side, a daily close below 1,294 will drag the parity down towards key supports around 1,288, 1,274, 1,265, 1,244, 1,212 and 1,200 marks respectively.
       
    • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
       
    • South Korea’s Kospi was trading 1.00 point higher at 2,123.49.

    We prefer to take short position on EUR/KRW around 1,297, stop loss at 1,305 and target of 1,274/1,265.

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