FxWirePro: South Korean won trades marginally lower against euro as CPI, trade balance data fail to meet expectations
EUR/KRW is currently trading around 1,300 mark. Pair made intraday high at 1,301 and low at 1,299 levels. Intraday bias remains neutral till the time pair holds key support at 1,300 mark. A sustained close above 1,300 wi…
Pair made intraday high at 1,301 and low at 1,299 levels.
Intraday bias remains neutral till the time pair holds key support at 1,300 mark.
A sustained close above 1,300 will take the parity higher towards key resistances around 1,313, 1,327, 1,338, 1,347, 1,355, 1,363, 1,377 and 1,390 marks respectively.
On the other side, a daily close below 1,300 will drag the parity down towards key supports around 1,292, 1,279, 1,268 and 1,253 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 Oct CPI growth decrease to -0.2 % (forecast -0.1 %) vs previous 0.10 %.
South Korea Oct trade balance prelim decrease to 7.3 bln usd vs previous 13.46 bln usd.
South Korea Oct Nikkei Markit manufacturing PMI decrease to 50.2 vs previous 50.6.
Seoul shares open up 0.50 pct.
We prefer to take short position on EUR/KRW only below 1,303, stop loss at 1,318 and target of 1,253.
