FxWirePro: South Korean won trades marginally higher on robust PPI data

• EUR/KRW is currently trading around 1,310 mark.
   
• It made intraday high at 1,313 and low at 1,310 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 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
   
• On the other side, a daily close below 1,313 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 down and confirms the bearish trend in a daily chart.
   
• South Korea’s kospi was trading 0.15 pct lower at 2,088.52 points.
   
• South Korea PPI m/m Aug stands at 0.2 pct vs 0.0 pct previous release (expected -0.1 pct).
   
• South Korea PPI y/y Aug stands at -0.6 pct vs -0.3 pct previous release (expected -0.9 pct).

We prefer to take short position on EUR/KRW around 1,312, stop loss 1,322 and target of 1,302/1,294/1,287.