FxWirePro: South Korean won rises in early Asia after mixed economic data
EUR/KRW is currently trading around 1,298 mark. It made intraday high at 1,301 and low at 1,298 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1,302 mark. A sustained close abov…
It made intraday high at 1,301 and low at 1,298 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1,302 mark.
A sustained close above 1,302 will take the parity higher towards key resistances around 1,319, 1,327, 1,347 and 1,363 marks respectively.
On the other side, a daily close below 1,290 will drag the parity down towards key supports around 1,274, 1,265, 1,244, 1,212 and 1,200 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’s Kospi was trading 0.38 point higher at 2,095.97.
South Korea’s CPI y/y stands at 0.2 vs 0.0 previous release (expected 0.5).
South Korea’s manufacturing PMI stands at 49.4 vs 48.4 previous release (expected 48.9).
We prefer to take short position on EUR/KRW around 1,298, stop loss at 1,304 and target of 1,290/1,274.
