FxWirePro: South Korean won trades almost flat against euro despite robust manufacturing PMI data
EUR/KRW is currently trading around 1,286 mark. Pair made intraday high at 1,288 and low at 1,285 levels. Intraday bias remains neutral till the time pair holds key support at 1,285 mark. A sustained close above 1,287 wi…
Pair made intraday high at 1,288 and low at 1,285 levels.
Intraday bias remains neutral till the time pair holds key support at 1,285 mark.
A sustained close above 1,287 will take the parity higher towards key resistances around 1,295, 1,307, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,287 will drag the parity down towards key supports around 1,277, 1,267, 1,258, 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. Current downside movement is short term trend correction only.
South Korea says Sept trade balance at provisional $+9.7 bln vs $+6.9 bln in Aug.
South Korea Sept Nikkei/IHS markit manufacturing PMI rebounds, up at 51.3 from 49.9 in Aug, highest since April 2013.
Seoul shares open up 0.28 pct.
We prefer to take short position on EUR/KRW around 1,290, stop loss at 1,295 and target of 1,277/1,258.
