FxWirePro: South Korean won appreciates on the back of higher than expected manufacturing BSI index
EUR/KRW is currently trading around 1,279 mark. It made intraday high at 1,281 and low at 1,279 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,289 mark. A sustained close above 1,281 w…
It made intraday high at 1,281 and low at 1,279 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,289 mark.
A sustained close above 1,281 will take the parity higher towards key resistances around 1,289, 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,279 will drag the parity down towards key supports around 1,272, 1,265, 1,257, 1,246 and 1,234 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
Seoul shares open down 0.67 pct.
Korea, South April 2019 BOK manufacturing BSI increase to 75 balance vs previous 74 balance.
We prefer to take short position on EUR/KRW only below 1,276, stop loss 1,285 and target of 1,265.
