FxWirePro: South Korean won trades marginally higher despite lower than expected PPI data

• EUR/KRW is currently trading around 1,294 mark.
   
• Pair made intraday high at 1,297 and low at 1,292 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,290 mark.
   
• A sustained close above 1,297 will take the parity higher towards key resistances around 1,305, 1,316, 1,321, 1,338, 1,351 and 1,377 marks respectively.
   
• On the other side, a daily close below 1,290 will drag the parity down towards key supports around 1,277, 1,265, 1,247, 1,234, 1,225, 1,218, 1,207, 1,200, 1,194 and 1,189 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 June PPI growth y/y decrease to 2.8 % vs previous 3.4 % (revised from 3.5 %).
   
• South Korea June PPI growth m/m decrease to -0.4 % vs previous -0.3 % (revised from -0.2 %).
   
• Seoul shares open up 0.17 pct at 2430.09.

We prefer to take long position in EUR/KRW around 1,292, stop loss at 1,288 and target of 1,299/1,316.

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