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 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.

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