FxWirePro: South Korean won depreciates in early Asia as manufacturing PMI data misses expectations
EUR/KRW is currently trading around 1,330 mark. It made intraday high at 1,333 and low at 1,322 levels. Intraday bias remains bullish till the time pair holds key support at 1,322 mark. A sustained close above 1,333 will…
It made intraday high at 1,333 and low at 1,322 levels.
Intraday bias remains bullish till the time pair holds key support at 1,322 mark.
A sustained close above 1,333 will take the parity higher towards key resistances around 1,338, 1,347, 1,363 and 1,390 marks respectively.
On the other side, a daily close below 1,322 will drag the parity down towards key supports around 1,307, 1,298, 1,274, 1,265, 1,244 and 1,222 marks respectively.
Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart.
South Korea’s manufacturing PMI stands at 48.7 vs 49.8 pct previous release.
South Korea’s kospi was trading 0.80 pct higher at 2,003.96 points.
We prefer to take long position on EUR/KRW around 1,327, stop loss at 1,318 and target of 1,347/1,363.
