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…
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.
