FxWirePro: South Korean won rises noticeably against euro despit lower than expected CPI data
EUR/KRW is currently trading around 1,276 mark. It made intraday high at 1,277 and low at 1,272 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,290 mark. A sustained close above 1,284 w…
It made intraday high at 1,277 and low at 1,272 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,290 mark.
A sustained close above 1,284 will take the parity higher towards key resistances around 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,275 will drag the parity down towards key supports around 1,270, 1,257, 1,246, 1,234, 1,218 and 1,206 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Korea, South Dec 2018 CPI growth mm increase to -0.3 % (forecast 0.1 %) vs previous -0.7 %.
Korea, South Dec 2018 CPI growth yy decrease to 1.3 % (forecast 1.7 %) vs previous 2 %.
Korea, South Dec 2018 CPI NSA decrease to 104.35 vs previous 104.73.
We prefer to take short position on EUR/KRW around 1,275, stop loss at 1,290 and target of 1,257/1,246.
