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 t…
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.
