FxWirePro: South Korean won trades marginally lower as PPI data misses expectations

• EUR/KRW is currently trading around 1,294 mark.
   
• It made intraday high at 1,295 and low at 1,293 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1,284 mark.
   
• A sustained close above 1,292 will take the parity higher towards key resistances around 1,302, 1,319, 1,327, 1,347 and 1,363 marks respectively.
   
• On the other side, a daily close below 1,292 will drag the parity down towards key supports around 1,283, 1,274, 1,265, 1,244, 1,212 and 1,200 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.
   
• South Korea’s Kospi was trading 0.65 point lower at 2,139.11.
   
• South Korea PPI m/m Oct stands at -0.2 pct vs 0.1 pct previous release (expected 0.2).
   
• South Korea PPI y/y Oct stands at -0.6 pct vs -0.8 pct previous release (expected -0.5).
   

We prefer to take short position on EUR/KRW only below 1,288, stop loss at 1,297 and target of 1,274/1,265.