FxWirePro: South Korean won trades marginally lower as PPI growth data misses expectations
EUR/KRW is currently trading around 1,300 mark. Pair made intraday high at 1,300 and low at 1,295 levels. Intraday bias remains bullish till the time pair holds key support at 1,295 mark. A sustained close above 1,301 wi…
Pair made intraday high at 1,300 and low at 1,295 levels.
Intraday bias remains bullish till the time pair holds key support at 1,295 mark.
A sustained close above 1,301 will take the parity higher towards key resistances around 1,307, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,295 will drag the parity down towards key supports around 1,289, 1,277, 1,267, 1,258, 1,246 and 1,234 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 down 0.67 pct.
Korea, South Sep 2018 PPI growth yy decrease to 2.7 % vs previous 3 %.
Korea, South Sep 2018 PPI growth mm decrease to 0.3 % vs previous 0.5 %.
We prefer to take long position on EUR/KRW around 1,301, stop loss at 1,294 and target of 1,315.
