FxWirePro: South Korean won trades marginally lower as PPI data misses expectations
EUR/KRW is currently trading around 1,294 mark. It made intraday high at 1,295 and low at 1,293 levels. Intraday bias remains bullish till the time pair holds key support at 1,284 mark. A sustained close above 1,292 will…
It made intraday high at 1,295 and low at 1,293 levels.
Intraday bias remains bullish till the time pair holds key support at 1,284 mark.
A sustained close above 1,292 will take the parity higher towards key resistances around 1,302, 1,319, 1,327, 1,347 and 1,363 marks respectively.
On the other side, a daily close below 1,292 will drag the parity down towards key supports around 1,283, 1,274, 1,265, 1,244, 1,212 and 1,200 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.
South Korea’s Kospi was trading 0.65 point lower at 2,139.11.
South Korea PPI m/m Oct stands at -0.2 pct vs 0.1 pct previous release (expected 0.2).
South Korea PPI y/y Oct stands at -0.6 pct vs -0.8 pct previous release (expected -0.5).
We prefer to take short position on EUR/KRW only below 1,288, stop loss at 1,297 and target of 1,274/1,265.
