FxWirePro: EUR/KRW stabilizes around 1,240 mark after South Korea’s CPI growth data

• EUR/KRW is currently trading around 1,240 mark.
   
• Pair made intraday high at 1,241 and low at 1,238 levels.
   
• Intraday bias remains neutral till the time pair holds immediate support at 1,238 mark.
   
• A consistent close below 1,239 will drag the parity down towards key supports around 1,232, 1,229, 1,222, 1,218, 1,209, 1,203, 1,199 and 1,163 marks respectively.
   
• Alternatively, a sustained close above 1,239 will take the parity higher towards key resistances around 1,248, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
   
• Seoul shares open down 0.01 pct at 2080.23.
   
• South Korea’s January CPI growth increases to 0.9 % (forecast 0.35 %) vs previous 0.1 %.
   
• South Korea’s January CPI growth y/y increases to 2 % (forecast 1.50 %) vs previous 1.3 %.

We prefer to take short position in EUR/KRW only below 1,239, stop loss at 1,248 and target of 1,222.