FxWirePro: South Korean won trades marginally higher on robust PPI data
EUR/KRW is currently trading around 1,268 mark. Pair made intraday high at 1,270 and low at 1,268 levels. Intraday bias remains slightly bearish for the moment. A sustained close above 1,276 will take the parity higher t…
Pair made intraday high at 1,270 and low at 1,268 levels.
Intraday bias remains slightly bearish for the moment.
A sustained close above 1,276 will take the parity higher towards key resistances around 1,294, 1,302, 1,315, 1,327, 1,332 and 1,340 marks respectively.
On the other side, a daily close below 1,267 will drag the parity down towards key supports around 1,258, 1,242 and 1,222 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Seoul shares open up 0.14 pct.
Korea, South April PPI growth increase to 0.1 %.
Korea, South April PPI growth yy increase to 1.6 % vs prev 1.3 % (revised from 1.4 %).
South Korea April PPI for services +1.7 pct y/y vs +1.8 pct in March.
South Korea April PPI for industrial goods +1.7 pct y/y vs +1.2 pct in March.
We prefer to take short position on EUR/KRW around 1,270, stop loss at 1,280 and target of 1,242.
