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

• EUR/KRW is currently trading around 1,307 mark.
   
• It made intraday high at 1,313 and low at 1,306 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,318 mark.
   
• A sustained close above 1,318 will take the parity higher towards key resistances around 1,332, 1,340, 1,358, 1,363, 1,377 and 1,392 marks respectively.
   
• On the other side, a daily close below 1,308 will drag the parity down towards key supports around 1,302, 1,294, 1,287, 1,278 and 1,268 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 correction only.
   
• South Korea June new orders fall to 46.8 (vs 47.1 in May).
   
• South Korea says June trade balance at provisional $+4.17 bln vs $+2.25 bln in May.
   
• Korea, South June 2019 Nikkei markit manufacturing PMI decrease to 47.5 previous 48.4.
   
• Seoul shares open up 0.78 pct.

We prefer to take short position on EUR/KRW around 1,311, stop loss 1,320 and target of 1,294/1,287.