FxWirePro: South Korean won trades almost flat against euro despite robust manufacturing PMI data
EUR/KRW is currently trading around 1,293 mark. Pair made intraday high at 1,294 and low at 1,292 levels. Intraday bias remains neutral till the time pair moves in stiff directions from 1,290 to 1,298 mark. A sustained c…
Pair made intraday high at 1,294 and low at 1,292 levels.
Intraday bias remains neutral till the time pair moves in stiff directions from 1,290 to 1,298 mark.
A sustained close above 1,299 will take the parity higher towards key resistances around 1,308, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,292 will drag the parity down towards key supports around 1,282, 1,277, 1,267, 1,258, 1,246 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 Aug 2018 Nikkei markit manufacturing PMI increase to 49.9 vs previous 48.3.
Seoul shares open down 0.21 pct.
We prefer to take short position on EUR/KRW only below 1,292, stop loss at 1,298 and target of 1,277.
