FxWirePro: South Korean won trades marginally higher against euro despite lower than expected PPI 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 bearish till the time pair holds key resistance at 1,302 mark.
   
• A sustained close above 1,287 will take the parity higher towards key resistances around 1,302, 1,313, 1,327, 1,338, 1,347, 1,355, 1,363, 1,377 and 1,390 marks respectively.
   
• On the other side, a daily close below 1,287 will drag the parity down towards key supports around 1,277, 1,264, 1,253 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.
   
• South Korea Oct PPI growth y/y decrease to 3.5 % vs previous 3.8 % (revised from 3.6 %).
   
• South Korea Oct PPI growth decrease to 0.0 % vs previous 0.7 % (revised from 0.5 %).
   
• Seoul shares open up 0.11 pct.

We prefer to take short position on EUR/KRW around 1,290, stop loss at 1,302 and target of 1,277/1,264.

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