FxWirePro: South Korean won strengthens on robust CPI data
EUR/KRW is currently trading around 1,272 mark. Pair made intraday high at 1,276 and low at 1,272 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,278 mark. A sustained close above 1,275…
Pair made intraday high at 1,276 and low at 1,272 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,278 mark.
A sustained close above 1,275 will take the parity higher towards key resistances around 1,280, 1,296, 1,302, 1,313, 1,327, 1,338, 1,347 and 1,355 marks respectively.
On the other side, a daily close below 1,275 will drag the parity down towards key supports around 1,264, 1,253 and 1,234 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 CPI growth increase to 0.3 % (forecast 0.2 %) vs previous -0.7 %.
Korea, South Dec CPI growth y/y increase to 1.5 % (forecast 1.5 %) vs previous 1.3 %.
We prefer to take short position on EUR/KRW around 1,275, stop loss at 1,282 and target of 1,264/1,253.
