FxWirePro: South Korean won marginally higher despite lower than expected PPI growth data

• EUR/KRW is currently trading around 1,249 mark.
   
• Pair made intraday high at 1,251 and low at 1,248 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,250 mark.
   
• A daily close below 1,250 will drag the parity down towards key supports around 1,242, 1,234, 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 1,250 will take the parity higher towards key resistances around 1,260, 1,274, 1,287 and 1,304 marks respectively.


• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• Seoul shares open up 0.53 pct at 2300.68.
   
• South Korea’s April PPI growth m/m decrease to -0.1 % vs previous 0.0 % (revised from -0.1 %).
   
• South Korea’s April PPI growth y/y decrease to 4 % vs previous 4.3 % (revised from 4.2 %).

We prefer to take short position in EUR/KRW only below 1,247, stop loss at 1,260 and target of 1,240/1,234.