FxWirePro: South Korean won marginally higher on robust manufacturing PMI data

• EUR/KRW is currently trading around 1,233 mark.
   
• Pair made intraday high at 1,238 and low at 1,233 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,239 mark.
   
• A daily close below 1,237 will drag the parity down towards key supports around 1,227, 1,218, 1,212, 1,208, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
   
• Alternatively, a sustained close above 1,237 will take the parity higher towards key resistances around 1,245, 1,252, 1,262 and 1,274 marks respectively.
   
• Seoul shares open up 0.37 pct at 2213.61.
   
• 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.
   
• South Korea April Nikkei markit manufacturing PMI increase to 49.4 vs previous 48.4.
   
• South Korea April CPI growth m/m decrease to -0.1 % (forecast 0.00 %) vs previous 0.0 %.


• South Korea April new export orders fall to 48.1 vs 49.1 in March, china demand weakens amid diplomatic spat.

We prefer to take short position in EUR/KRW around 1,235, stop loss at 1,239 and target of 1,227/1,222.