FxWirePro: South Korean won rises in early Asia after mixed economic data

• EUR/KRW is currently trading around 1,298 mark.
   
• It made intraday high at 1,301 and low at 1,298 levels.
   
• Intraday bias remains slightly 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 1,290 will drag the parity down towards key supports around 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 0.38 point higher at 2,095.97.
   
• South Korea’s CPI y/y stands at 0.2 vs 0.0 previous release (expected 0.5).
   
• South Korea’s manufacturing PMI stands at 49.4 vs 48.4 previous release (expected 48.9).

We prefer to take short position on EUR/KRW around 1,298, stop loss at 1,304 and target of 1,290/1,274.