FxWirePro: South Korean won trades marginally lower against euro as CPI, trade balance data fail to meet expectations

• EUR/KRW is currently trading around 1,300 mark.
   
• Pair made intraday high at 1,301 and low at 1,299 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,300 mark.
   
• A sustained close above 1,300 will take the parity higher towards key resistances around 1,313, 1,327, 1,338, 1,347, 1,355, 1,363, 1,377 and 1,390 marks respectively.
   
• On the other side, a daily close below 1,300 will drag the parity down towards key supports around 1,292, 1,279, 1,268 and 1,253 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 Oct CPI growth decrease to -0.2 % (forecast -0.1 %) vs previous 0.10 %.
   
• South Korea Oct trade balance prelim decrease to 7.3 bln usd vs previous 13.46 bln usd.
   
• South Korea Oct Nikkei Markit manufacturing PMI decrease to 50.2 vs previous 50.6.
   
• Seoul shares open up 0.50 pct.

We prefer to take short position on EUR/KRW only below 1,303, stop loss at 1,318 and target of 1,253.

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