FxWirePro: South Korean won falls against major peers on the back of lower than expected CPI data

• EUR/KRW is currently trading around 1,209 mark.
   
• Pair made intraday high at 1,210 and low at 1,204 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1,199 mark.
   
• A daily close below 1,206 will drag the parity down towards key supports around 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.
   
• Alternatively, a sustained close above 1,206 will take the parity higher towards key resistances around 1,217, 1,225, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
   
• South Korea’s January current account balance increase to 10.51 bln $ vs previous 8.31 bln $ (revised from 8.57 bln $).
   
• South Korea’s February CPI growth decrease to 0.3 % (forecast 0.10 %) vs previous 0.9 %.
   
• South Korea’s February CPI growth y/y decrease to 1.9 % (forecast 1.60 %) vs previous 2.0 %.

We prefer to take long position in EUR/KRW around 1,207, stop loss at 1,199 and target of 1,225.