FxWirePro: South Korean won marginally higher against euro as South Korea’s manufacturing PMI stays flat in November

• EUR/KRW is currently trading around 1,244 mark.
   
• Pair made intraday high at 1,246 and low at 1,244 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,251 mark.
   
• A sustained close above 1,251 will take the parity higher towards key resistance around 1,260, 1,269 and 1,273 marks respectively.
   
• Key supports are seen at 1,242, 1,238, 1,229 and 1,222 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• South Korea’s November trade balance prelim increases to 8.0 bln $ vs previous 6.97 bln $.
   
• South Korea’s November Nikkei markit manufacturing PMI stays flat at 48.0 vs previous 48.0.
   
• Seoul shares open up 0.20 pct at 1987.48

We prefer to go short on EUR/KRW only below 1,242, with stop loss at 1,251 and target of 1,238/1,229/1,225.