FxWirePro: South Korean won falls against major peers despite higher than expected manufacturing PMI data
EUR/KRW is currently trading around 1,269 mark. Pair made intraday high at 1,271 and low at 1,266 levels. Intraday bias remains bullish till the time pair holds key support at 1,262 mark. A sustained close above 1,268 wi…
Pair made intraday high at 1,271 and low at 1,266 levels.
Intraday bias remains bullish till the time pair holds key support at 1,262 mark.
A sustained close above 1,268 will take the parity higher towards key resistances around 1,275, 1,280, 1,287 and 1,301 marks respectively.
On the other side, a consistent close below 1,262 will drag the parity down towards key supports around 1,253, 1,242, 1,232, 1,229, 1,222, 1,218, 1,209, 1,203, 1,199 and 1,163 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
South Korea’s December Nikkei Markit manufacturing PMI increases to 49.4 vs previous 48.0.
We prefer to go long on EUR/KRW only above 1,270 with stop loss at 1,263 and target of 1,275/1,287.
