FxWirePro: South Korean won remains unchanged despite lower than expected unemployment rate figures

• EUR/KRW is currently trading around 1,275 mark.
   
• Pair made intraday high at 1,276 and low at 1,275 levels.
   
• Intraday bias remains neutral till the time pair holds immediate resistance at 1,280 mark.
   
• A sustained close above 1,276 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 1,276 will drag the parity down towards key supports around 1,267, 1,242 and 1,222 marks respectively.
   
• 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.
   
• Seoul shares open down 0.48 pct.
   
• Korea, South April unemployment rate decrease to 3.8 % vs previous 4 %.
   
• South Korea's April employed +123,000 yr/yr vs +112,000 yr/yr in March.

We prefer to take short position on EUR/KRW only below 1,267, stop loss at 1,280 and target of 1,252.

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