FxWirePro: South Korean won strengthens on robust Markit manufacturing PMI data
EUR/KRW is currently trading around 1,271 mark. It made intraday high at 1,276 and low at 1,271 levels. Intraday bias remains bearish for the moment. A sustained close above 1,274 will take the parity higher towards key …
It made intraday high at 1,276 and low at 1,271 levels.
Intraday bias remains bearish for the moment.
A sustained close above 1,274 will take the parity higher towards key resistances around 1,282, 1,289, 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,274 will drag the parity down towards key supports around 1,265, 1,257, 1,246 and 1,234 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
Seoul shares open up 0.59 pct.
Korea, South March 2019 Nikkei markit manufacturing PMI increase to 48.8 vs previous 47.2.
Korea, South Mar 2019 trade balance prelim increase to 5.22 usd vs previous 2.96 usd.
Korea, South Mar 2019 import growth prelim increase to -6.7 % (forecast -4.9 %) vs previous -12.6 %.
Korea, South Mar 2019 export growth prelim increase to -8.2 % (forecast -8.7 %) vs previous -11.4 %.
We prefer to take short position on EUR/KRW around 1,272, stop loss 1,282 and target of 1,265/1,257.
