FxWirePro: South Korean won strengthens on robust manufacturing PMI data
EUR/KRW is currently trading around 1,346 mark. Pair made intraday high at 1,351 and low at 1,346 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,352 mark. A sustained close above 1,352…
Pair made intraday high at 1,351 and low at 1,346 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,352 mark.
A sustained close above 1,352 will take the parity higher towards key resistances around 1,363, 1,377 and 1,390 marks respectively.
On the other side, a daily close below 1,352 will drag the parity down towards key supports around 1,347, 1,342, 1,337, 1,326, 1,320, 1,313 and 1,302 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
South Korean banks will be closed in observance of Chusok – Full Moon Festival.
South Korea September Nikkei Markit manufacturing PMI increase to 50.6 vs previous 49.9.
We prefer to take long position on EUR/KRW only above 1,352, stop loss at 1,342 and target of 1,363/1,369.
