FxWirePro: South Korean won appreciates on the back of higher than expected manufacturing PMI data

• EUR/KRW is currently trading around 1,303 mark.
   
• Pair made intraday high at 1,306 and low at 1,302 levels.
   
• Intraday bias bearish till the time pair holds key resistance at 1,311 marks.
   
• A sustained close above 1,306 will take the parity higher towards key resistances around 1,311, 1,338, 1,351 and 1,377 marks respectively.
   
• On the other side, a daily close below 1,306 will drag the parity down towards key supports around 1,292, 1,277, 1,265, 1,247, 1,234, 1,225, 1,218, 1,207, 1,200, 1,194 and 1,189 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.
   
• South Korea’s June Nikkei Markit manufacturing PMI increase to 50.1 vs previous 49.2.
   
• Seoul shares open up 0.25 pct at 2397.66.

We prefer to take short position in EUR/KRW around 1,305, stop loss at 1,311 and target of 1,293/1,275.

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