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

• EUR/KRW is currently trading around 1,322 mark.
   
• It made intraday high at 1,329 and low at 1,322 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,321 mark.
   
• A sustained close above 1,330 will take the parity higher towards key resistances around 1,340, 1,358, 1,363, 1,377 and 1,392 marks respectively.
   
• On the other side, a daily close below 1,321 will drag the parity down towards key supports around 1,317, 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.
  
   
• Seoul shares open down 0.52 pct.
   
• Korea, South May 2019 Nikkei Markit manufacturing PMI decrease to 48.4 vs previous 50.2.
   
• South Korea May new export orders contract for 10th month, longest decline since 2015.

We prefer to take short position on EUR/KRW only below 1,321, stop loss 1,330 and target of 1,302.