FxWirePro: South Korean won remains almost unchanged after trade balance, manufacturing PMI data
EUR/KRW is currently trading around 1,305 mark. It made intraday high at 1,306 and low at 1,304 levels. Intraday bias remains neutral till the time pair holds key support at 1,302 mark. A sustained close above 1,304 will…
It made intraday high at 1,306 and low at 1,304 levels.
Intraday bias remains neutral till the time pair holds key support at 1,302 mark.
A sustained close above 1,304 will take the parity higher towards key resistances around 1,317, 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
On the other side, a daily close below 1,302 will drag the parity down towards key supports around 1,294, 1,287, 1,278 and 1,268 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 CPI y/y Sept stands at -0.4 pct vs 0.0 pct previous release (expected -0.3 pct).
South Korea Sept trade balance stands at 5.97B vs 1.65B previous release.
South Korea Nikkei manufacturing PMI Sept stands at 48.0 vs 49.0 previous release (expected 48.1).
We prefer to take short position on EUR/KRW around 1,305, stop loss 1,317 and target of 1,287/1,278.
