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 abov…
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.
