FxWirePro: South Korean won remains almost unchanged after trade balance, manufacturing PMI data

• EUR/KRW is currently trading around 1,341 mark. 

• It made intraday high at 1,346 and low at 1,341 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 1,351 mark.
   
• A sustained close above 1,351 will take the parity lower towards key resistances around 1,377, 1,392, 1,400, 1,408 and 1,428 marks respectively.
   
• On the other side, a daily close below 1,337 will drag the parity down towards key supports around 1,318, 1,307, 1,298, 1,274 and 1,265 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• South Korea’s kospi was trading 0.11 pct higher at 1,756.27 points.
   
• South Korea’s trade balance stands at 5.04B vs 3.98B previous release.
   
• South Korea’s Nikkei manufacturing PMI stands at 44.2 vs 48.7 previous release.

We prefer to take long position on EUR/KRW only above 1,351, stop loss at 1,335 and target of 1,377/1,392.