FxWirePro: South Korean falls in early Asia despite higher than expected manufacturing BSI index

• EUR/KRW is currently trading around 1,301 mark.
   
• It made intraday high at 1,302 and low at 1,297 levels.
   
• Intraday bias remains bullish till the time pair holds immediate support at 1,295 mark.
   
• A sustained close above 1,302 will take the parity higher towards key resistances around 1,323, 1,347 and 1,363 marks respectively.
   
• On the other side, a daily close below 1,295 will drag the parity down towards key supports around 1,282, 1,274, 1,265 and 1,244 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’s manufacturing BSI index stands at 79 vs 75 previous release (expected 74).
   
• South Korea’s kospi was trading 0.40 pct lower at 2,175.94 points.

We prefer to take long position on EUR/KRW around 1,300, stop loss at 1,295 and target of 1,323.