FxWirePro: South Korean won falls in early Asia on the back of lower than expected export, import price growth data

• EUR/KRW is currently trading around 1,223 mark.
   
• Pair made intraday high at 1,223 and low at 1,220 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,220 mark.
   
• A daily close below 1,220 will drag the parity down towards key supports around 1,214, 1,209, 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.
   
• Alternatively, a sustained close above 1,220 will take the parity higher towards key resistances around 1,228, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
   
• Seoul shares open up 0.45 pct at 2127.88.
   
• 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’s February import price growth y/y decrease to 9.1 % vs previous 13.3 % (revised from 13.2 %).
   
• South Korea’s February export price growth y/y decrease to 4.9 % vs previous 7.4 %.

We prefer to take short position in EUR/KRW only below 1,220, stop loss at 1,228 and target of 1,209/1,200.