FxWirePro: South Korean won trades marginally higher on robust PPI data
EUR/KRW is currently trading around 1,310 mark. It made intraday high at 1,313 and low at 1,310 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,318 mark. A sustained close above 1,318 w…
It made intraday high at 1,313 and low at 1,310 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,318 mark.
A sustained close above 1,318 will take the parity higher towards key resistances around 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
On the other side, a daily close below 1,313 will drag the parity down towards key supports around 1,302, 1,294, 1,287, 1,278 and 1,268 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
South Korea’s kospi was trading 0.15 pct lower at 2,088.52 points.
South Korea PPI m/m Aug stands at 0.2 pct vs 0.0 pct previous release (expected -0.1 pct).
South Korea PPI y/y Aug stands at -0.6 pct vs -0.3 pct previous release (expected -0.9 pct).
We prefer to take short position on EUR/KRW around 1,312, stop loss 1,322 and target of 1,302/1,294/1,287.
