FxWirePro: South Korean won trades marginally lower as PPI data misses expectations
EUR/KRW is currently trading around 1,280 mark. Pair made intraday high at 1,280 and low at 1,277 levels. Intraday bias remains neutral till the time pair holds key support at 1,277 mark. A sustained close above 1,277 wi…
Pair made intraday high at 1,280 and low at 1,277 levels.
Intraday bias remains neutral till the time pair holds key support at 1,277 mark.
A sustained close above 1,277 will take the parity higher towards key resistances around 1,296, 1,302, 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 1,277 will drag the parity down towards key supports around 1,271, 1,264, 1,253 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 Nov 2017 PPI growth decrease to -0.1 % vs previous 0.1 %.
Korea, South Nov 2017 PPI growth y/y decrease to 3.1 % vs previous 3.6 % (revised from 3.5 %).
Seoul shares open up 0.24 pct.
We prefer to take short position on EUR/KRW around 1,285, stop loss at 1,296 and target of 1,277/1,264.
