FxWirePro: South Korean won falls against major peers despite robust PPI data

• EUR/KRW is currently trading around 1,291 mark.
   
• It made intraday high at 1,292 and low at 1,285 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1,282 mark.
   
• A sustained close above 1,291 will take the parity higher towards key resistances around 1,302, 1,323, 1,347 and 1,363 marks respectively.
   
• On the other side, a daily close below 1,282 will drag the parity down towards key supports around 1,274, 1,265 and 1,244 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• South Korea’s PPI m/m stands at 0.3 pct vs -0.1 pct previous release.
   
• South Korea’s PPI y/y stands at 0.7 pct vs -0.1 pct previous release.
   
• South Korea’s kospi was trading 0.63 pct lower at 2,248.40 points.

We prefer to take long position on EUR/KRW around 1,290, stop loss at 1,282 and target of 1,302/1,323.