FxWirePro: South Korean won falls gradually against U.S. dollar, faces strong resistance at 1,245 mark

• EUR/KRW is currently trading around 1,239 mark.


• Pair made intraday high at 1,239 and low at 1,234 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1,225 mark.
   
• A daily close below 1,234 will drag the parity down towards key supports around 1,225, 1,218, 1,207, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
   
• Alternatively, a sustained close above 1,234 will take the parity higher towards key resistances around 1,239, 1,242, 1,245, 1,249, 1,262 and 1,274 marks respectively.


• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Seoul shares open down 0.16 pct at 2291.56.
   
• South Korea’s April import price growth y/y increase to 9.3 % vs previous 6.8 % (revised from 6.9 %).
   
• South Korea’s April export price growth y/y increase to 8.7 % vs previous 5 % (revised from 4.9 %).

We prefer to take long position in EUR/KRW only above 1,239, stop loss at 1,225 and target of 1,249.