Fxwirepro: Eur/krw Hovers Around Key Resistance at 1,228 Mark, sustained Close Above Targets 1,242

EUR/KRW is currently trading around 1,226 mark.

Pair made intraday high at 1,227 and low at 1,224 levels.

Intraday bias remains neutral till the time pair holds key resistance at 1,228 mark.

A daily close below 1,225 will drag the parity down towards key supports around 1,214, 1,209, 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.

Alternatively, a sustained close above 1,225 will take the parity higher towards key resistances around 1,228, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.

Seoul shares open down 0.11 pct at 2088.67.

Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

South Korea’s January L-money supply growth decrease to 6.8 % vs previous 7.5 %.

We prefer to take short position in EUR/KRW around 1,228, stop loss at 1,242 and target of 1,214/1,209/1,199.

News are provided by InstaForex