FxWirePro: EUR/KRW breaks key support at 1,218 mark, stay bearish

• EUR/KRW is currently trading around 1,216 mark.
   
• Pair made intraday high at 1,221 and low at 1,216 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,225 mark.
   
• A daily close below 1,218 will drag the parity down towards key supports around 1,207, 1,200, 1,184, 1,178 and 1,163 marks respectively.
   
• Alternatively, a sustained close above 1,218 will take the parity higher towards key resistances around 1,225, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
   
• Seoul shares open up 0.17 pct at 2084.16.
   
• South Korea’s January PPI growth y/y increases to 3.7 % vs previous 1.8 %.
   
• South Korea’s January PPI growth increases to 1.3 % vs previous 0.9 % (revised from 0.8 %).

We prefer to take short position in EUR/KRW around 1,220, stop loss at 1,225 and target of 1,200/1,184.