FxWirePro: South Korean won trades marginally lower as PPI data misses expectations
EUR/KRW is currently trading around 1,290 mark. It made intraday high at 1,290 and low at 1,288 levels. Intraday bias remains bullish till the time pair holds key support at 1,283 mark. A sustained close above 1,288 will…
It made intraday high at 1,290 and low at 1,288 levels.
Intraday bias remains bullish till the time pair holds key support at 1,283 mark.
A sustained close above 1,288 will take the parity higher towards key resistances around 1,290, 1,302, 1,324, 1,332, 1,347 and 1,363 marks respectively.
On the other side, a daily close below 1,284 will drag the parity down towards key supports around 1,274, 1,265, 1,244 and 1,222 marks respectively.
Important to note here that 20D, 30D and 55D EMA down and confirms the bearish trend in a daily chart.
South Korea’s PPI m/m stands at 0.2 pct vs 0.3 pct previous release (expected 0.4 pct).
South Korea’s PPI y/y stands at 1.0 pct vs 0.7 pct previous release (expected 1.4 pct).
South Korea’s kospi was trading 0.28 pct lower at 2,204.73 points.
We prefer to take long position on EUR/KRW around 1,288, stop loss at 1,282 and target of 1,302/1,324.
