FxWirePro: South Korean won appreciates against euro, hits strongest level since April 2015

• EUR/KRW is currently trading around 1,186 mark.
   
• Pair made intraday high at 1,188 and low at 1,186 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,202 mark.
   
• A daily close below 1,189 will drag the parity down towards key supports around 1,184, 1,178, 1,163 and 1,154 marks respectively.
   
• Alternatively, a sustained close above 1,189 will take the parity higher towards key resistances around 1,202, 1,214, 1,228, 1,233, 1,242 and 1,252marks respectively.
   
• Seoul shares open up 0.27 pct at 2166.04.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• South Korea March Nikkei Markit manufacturing PMI decreases to 48.4 vs previous 49.2.
   
• South Korea March new export orders at 49.1 vs 48.9 in February.

We prefer to take short position in EUR/KRW around 1,190, stop loss at 1,202 and target of 1,178/1,172.