FxWirePro: South Korean won rises noticeably against euro despit lower than expected CPI data

• EUR/KRW is currently trading around 1,276 mark.
   
• It made intraday high at 1,277 and low at 1,272 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,290 mark.
   
• A sustained close above 1,284 will take the parity higher towards key resistances around 1,294, 1,307, 1,315 and 1,327 marks respectively.
   
• On the other side, a daily close below 1,275 will drag the parity down towards key supports around 1,270, 1,257, 1,246, 1,234, 1,218 and 1,206 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Korea, South Dec 2018 CPI growth mm increase to -0.3 % (forecast 0.1 %) vs previous -0.7 %.
   
• Korea, South Dec 2018 CPI growth yy decrease to 1.3 % (forecast 1.7 %) vs previous 2 %.
   
• Korea, South Dec 2018 CPI NSA decrease to 104.35 vs previous 104.73.

We prefer to take short position on EUR/KRW around 1,275, stop loss at 1,290 and target of 1,257/1,246.