FxWirePro: South Korean won trades marginally lower after CPI, core CPI data

• EUR/KRW is currently trading around 1,287 mark.
   
• Pair made intraday high at 1,287 and low at 1,285 levels.
   
• Intraday bias remains neutral till the time pair holds immediate support at 1,285 mark.
   
• A sustained close above 1,285 will take the parity higher towards key resistances around 1,302, 1,315, 1,327, 1,332, 1,340, 1,356, 1,377 and 1,392 marks respectively.
   
• On the other side, a daily close below 1,285 will drag the parity down towards key supports around 1,273, 1,264, 1,242 and 1,222 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• Seoul shares open up 0.01 pct.
   
• South Korea says April core CPI +1.4 pct yr/yr.
   
• Korea, South April nikkei market manufacturing PMI decrease to 48.4 vs previous 49.1.
   
• Korea, South April CPI growth increase to 0.1 % (forecast 0.2 %) vs previous -0.1 %.
   
• Korea, South April CPI growth yy increase to 1.6 % (forecast 1.6 %) vs previous 1.3 %.

We prefer to take short position on EUR/KRW only below 1,285, stop loss at 1,302 and target of 1,273/1,264.

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