FxWirePro: South Korean won depreciates as PPI data misses expectations
EUR/KRW is currently trading around 1,286 mark. It made intraday high at 1,287 and low at 1,284 levels. Intraday bias remains bullish till the time pair holds key support at 1,276 mark. A sustained close above 1,284 will…
It made intraday high at 1,287 and low at 1,284 levels.
Intraday bias remains bullish till the time pair holds key support at 1,276 mark.
A sustained close above 1,284 will take the parity higher towards key resistances around 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,276 will drag the parity down towards key supports around 1,270, 1,257, 1,246, 1,234, 1,218 and 1,206 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 0.36 pct.
Korea, South Nov 2018 PPI growth yy decrease to 1.6 % vs previous 2.2 %
Korea, South Nov 2018 PPI growth mm decrease to -0.7 % vs previous -0.4 %.
We prefer to take long position on EUR/KRW around 1,285, stop loss at 1,276 and target of 1,294/1,300.
