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…
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.
