FxWirePro: South Korean won trades marginally lower after CPI data
EUR/KRW is currently trading around 1,355 mark. It made intraday high at 1,358 and low at 1,352 levels. Intraday bias remains bullish till the time pair holds key support at 1,342 mark. A sustained close above 1,351 will…
It made intraday high at 1,358 and low at 1,352 levels.
Intraday bias remains bullish till the time pair holds key support at 1,342 mark.
A sustained close above 1,351 will take the parity lower towards key resistances around 1,377, 1,392, 1,400, 1,408 and 1,428 marks respectively.
On the other side, a daily close below 1,337 will drag the parity down towards key supports around 1,318, 1,307, 1,298, 1,274 and 1,265 marks respectively.
Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart.
South Korea’s kospi was trading 0.90 pct higher at 1,700.27 points.
South Korea’s CPI y/y stands at 1.0 pct vs 1.1 pct previous release (expected 0.9).
We prefer to take long position on EUR/KRW only above 1,358, stop loss at 1,342 and target of 1,377/1,392.
