FxWirePro: South Korean won trades marginally higher on robust CPI data
EUR/KRW is currently trading around 1,300 mark. Pair made intraday high at 1,303 and low at 1,300 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1,307 mark. A sustained close ab…
Pair made intraday high at 1,303 and low at 1,300 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1,307 mark.
A sustained close above 1,303 will take the parity higher towards key resistances around 1,307, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,303 will drag the parity down towards key supports around 1,289, 1,277, 1,267, 1,258, 1,246 and 1,234 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 Sept core CPI +1.0 pct yr/yr vs +1.0 pct in Aug.
South Korea Sept CPI growth mm increase to 0.7 % (forecast 0.32 %) vs previous 0.5 %.
Seoul shares open down 0.20 pct.
We prefer to take short position on EUR/KRW only below 1,299, stop loss at 1,305 and target of 1,289/1,277.
