FxWirePro: South Korean won trades almost flat against euro after mixed economic data
EUR/KRW is currently trading around 1,274 mark. Pair made intraday high at 1,275 and low at 1,274 levels. Intraday bias remains neutral till the time pair holds immediate support at 1,267 mark. A sustained close above 1,…
Pair made intraday high at 1,275 and low at 1,274 levels.
Intraday bias remains neutral till the time pair holds immediate support at 1,267 mark.
A sustained close above 1,274 will take the parity higher towards key resistances around 1,285, 1,294, 1,302, 1,315, 1,327, 1,332 and 1,340 marks respectively.
On the other side, a daily close below 1,274 will drag the parity down towards key supports around 1,267, 1,242 and 1,222 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
Seoul shares open up 0.03 pct.
Korea, South April import price growth yy increase to 4 % vs prev 3.2 % (revised from 3.1 %).
Korea, South April export price growth yy decrease to -2 % vs prev -1.4 % (revised from -0.9 %).
We prefer to take short position on EUR/KRW only below 1,273, stop loss at 1,285 and target of 1,252.
