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FxWirePro: South Korean won trades marginally lower against euro after PPI data

EUR/KRW is currently trading around 1,330 mark. Pair made intraday high at 1,332 and low at 1,329 levels. Intraday bias remains neutral till the time pair holds key resistance at 1,338 mark. A sustained close above 1,338…

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FxWirePro: South Korean won trades marginally lower against euro after PPI data
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  • EUR/KRW is currently trading around 1,330 mark.
     
  • Pair made intraday high at 1,332 and low at 1,329 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 1,338 mark.
     
  • A sustained close above 1,338 will take the parity higher towards key resistances around 1,347, 1,355, 1,363, 1,377 and 1,390 marks respectively.
     
  • On the other side, a daily close below 1,327 will drag the parity down towards key supports around 1,320, 1,313 and 1,302 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • Seoul shares open up 0.33 pct.
     
  • South Korea Sep PPI growth y/y increase to 3.6 % vs previous 3.3 % (revised from 3.2 %).
     
  • South Korea Sep PPI growth stays flat at 0.5 % vs previous 0.5 % (revised from 0.3 %).

We prefer to take short position on EUR/KRW only below 1,327, stop loss at 1,338 and target of 1,313.

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