FxWirePro: South Korean won depreciates as CPI, trade balance data fail to match expectations

• EUR/KRW is currently trading around 1,327 mark.
   
• Pair made intraday high at 1,337 and low at 1,325 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1,320 mark.
   
• A sustained close above 1,325 will take the parity higher towards key resistances around 1,338, 1,347 and 1,355 marks respectively.
   
• On the other side, a daily close below 1,325 will drag the parity down towards key supports around 1,320, 1,308, 1,302, 1,288, 1,272, 1,264, 1,248 and 1,234 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Korea, South Jan Nikkei Markit manufacturing PMI increase to 50.7 vs previous 49.9.
   
• Korea, South Jan Trade Balance prelim decrease to 3.7 bln us vs previous 5.54 bln us.
   
• Korea, South Jan CPI growth increase to 0.4 % (forecast 0.7 %) vs previous 0.3 %.
   
• Korea, South Jan CPI growth y/y decrease to 1 % (forecast 1.3 %) vs previous 1.5 %.

We prefer to take long position on EUR/KRW only above 1,330, stop loss at 1,320 and target of 1,338/1,355.

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