FxWirePro: South Korean won trades almost flat against euro despite robust manufacturing PMI data

• EUR/KRW is currently trading around 1,286 mark.
   
• Pair made intraday high at 1,288 and low at 1,285 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,285 mark.
   
• A sustained close above 1,287 will take the parity higher towards key resistances around 1,295, 1,307, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
   
• On the other side, a daily close below 1,287 will drag the parity down towards key supports around  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 correction only.
   
• South Korea says Sept trade balance at provisional $+9.7 bln vs $+6.9 bln in Aug.
   
• South Korea Sept Nikkei/IHS markit manufacturing PMI rebounds, up at 51.3 from 49.9 in Aug, highest since April 2013.
   
• Seoul shares open up 0.28 pct.

We prefer to take short position on EUR/KRW around 1,290, stop loss at 1,295 and target of 1,277/1,258.