FxWirePro: South Korean won marginally lower despite higher than expected consumer sentiment index

• EUR/KRW is currently trading around 1,233 mark.


• Pair made intraday high at 1,233 and low at 1,230 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,230 mark.
   
• A daily close below 1,230 will drag the parity down towards key supports around 1,224, 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 1,230 will take the parity higher towards key resistances around 1,238, 1,242 and 1,252 marks respectively.
   
• Seoul shares open up 0.09 pct at 2175.7.
   
• 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 April consumer sentiment index increase to 101.2 vs previous 96.7.

We prefer to take long position in EUR/KRW around 1,230, stop loss at 1,224 and target of 1,238/1,252.