FxWirePro: South Korean won trades marginally higher despite lower than expected BSI manufacturing index
EUR/KRW is currently trading around 1,315 mark. It made intraday high at 1,318 and low at 1,315 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,322 mark. A sustained close above 1,318 w…
It made intraday high at 1,318 and low at 1,315 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,322 mark.
A sustained close above 1,318 will take the parity higher towards key resistances around 1,328, 1,340, 1,358, 1,363, 1,377 and 1,392 marks respectively.
On the other side, a daily close below 1,310 will drag the parity down towards key supports around 1,302, 1,294, 1,287, 1,278 and 1,268 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
South Korea’s Kospi was trading 0.53 pct higher at 2,040.45 points.
South Korea’s BSI manufacturing Index at 74 vs 76 previous release.
We prefer to take short position on EUR/KRW around 1,318, stop loss 1,325 and target of 1,302.
