FxWirePro: South Korean won falls in early Asia as manufacturing PMI data misses expectations
EUR/KRW is currently trading around 1,279 mark. Pair made intraday high at 1,281 and low at 1,277 levels. Intraday bias remains slightly bullish for the moment. A sustained close above 1,284 will take the parity higher t…
Pair made intraday high at 1,281 and low at 1,277 levels.
Intraday bias remains slightly bullish for the moment.
A sustained close above 1,284 will take the parity higher towards key resistances around 1,296, 1,302, 1,313, 1,327, 1,338, 1,347 and 1,355 marks respectively.
On the other side, a daily close below 1,273 will drag the parity down towards key supports around 1,264, 1,253 and 1,234 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
South Korea December factory PMI slips to 49.9 from 51.2 in November; new orders growth eases, output falls.
South Korea’s kospi was trading 0.22 pct higher at 2,473.68 points.
We prefer to take short position on EUR/KRW around 1,275, stop loss at 1,282 and target of 1,264/1,253.
