FxWirePro: South Korean won gains despite lower than expected manufacturing BSI index
EUR/KRW is currently trading around 1,202 mark. Pair made intraday high at 1,205 and low at 1,202 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,214 mark. A daily close below 1,204 wil…
Pair made intraday high at 1,205 and low at 1,202 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,214 mark.
A daily close below 1,204 will drag the parity down towards key supports around 1,200, 1,191, 1,184, 1,178 and 1,163 marks respectively.
Alternatively, a sustained close above 1,204 will take the parity higher towards key resistances around 1,208, 1,214, 1,228, 1,233, 1,242 and 1,252marks respectively.
Seoul shares open up 0.42 pct at 2172.31.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
South Korea’s April BOK manufacturing BSI index decrease to 78 vs previous 79.
We prefer to take short position in EUR/KRW around 1,205, stop loss at 1,214 and target of 1,200/1,194.
