FxWirePro: South Korean won appreciates in early Asia after economic data sets, bias remains bearish

• EUR/KRW is currently trading around 1,257 mark.
   
• Pair made intraday high at 1,262 and low at 1,257 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,262 mark.
   
• A sustained close above 1,261 will take the parity higher towards key resistances around 1,268, 1,280, 1,294, 1,302, 1,315 and 1,327 marks respectively.
   
• On the other side, a daily close below 1,261 will drag the parity down towards key supports around 1,253, 1,246, 1,234, 1,222, 1,205 and 1,188 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Seoul shares open down 0.14 pct.
   
• Korea, South May CPI growth stays flat at 0.1 % (forecast 0.2 %) vs previous 0.1 %.
   
• Korea, South Q1 GDP growth q/q revised decrease to 1 % vs previous 1.1 %.
   
• Korea, South May trade balance prelim increase to 6.7 bln us.
   
• Korea, South May Nikkei markit manufacturing PMI increase to 48.9 vs previous 48.4.

We prefer to take long position on EUR/KRW only above 1,257, stop loss at 1,245 and target of 1,280.

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