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 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.

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