FxWirePro: South Korean won rises in early Asia despite lower than expected export – import price index data

• EUR/KRW is currently trading around 1,304 mark.
   
• Pair made intraday high at 1,313 and low at 1,304 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,315 mark.
   
• A sustained close above 1,315 will take the parity higher towards key resistances around 1,327, 1,338, 1,358 and 1,380 marks respectively.
   
• On the other side, a daily close below 1,305 will drag the parity down towards key supports around 1,297, 1,289, 1,277, 1,267, 1,258, 1,246 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. Current downside movement is short term trend correcton only.
   
• Korea, South Sep 2018 import price growth yy decrease to 9.7 % vs previous 10 %.
   
• Korea, South Sep 2018 export price growth yy decrease to 1.4 % vs previous 2.2 % (revised from 2.1 %).
   
• Seoul shares open up 0.51 pct.

We prefer to take short position on EUR/KRW around 1,307, stop loss at 1,313 and target of 1,297/1,289.