FxWirePro: South Korean won trades marginally lower after PPI growth data
EUR/KRW is currently trading around 1,306 mark. Pair made intraday high at 1,307 and low at 1,302 levels. Intraday bias remains neutral for the moment. A sustained close above 1,308 will take the parity higher towards ke…
Pair made intraday high at 1,307 and low at 1,302 levels.
Intraday bias remains neutral for the moment.
A sustained close above 1,308 will take the parity higher towards key resistances around 1,313, 1,327, 1,338, 1,347 and 1,355 marks respectively.
On the other side, a daily close below 1,297 will drag the parity down towards key supports around 1,288, 1,272, 1,264, 1,248 and 1,234 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
Korea, South Dec PPI growth increase to 0.1 % vs previous -0.1 %.
Korea, South Dec PPI growth y/y decrease to 2.3 % vs previous 3.1 %.
Seoul shares open down 0.13 pct.
We prefer to take long position on EUR/KRW around 1,302, stop loss at 1,288 and target of 1,313/1,320.
