FxWirePro: South Korean won trades marginally lower despite higher than expected manufacturing PMI data
EUR/KRW is currently trading around 1,278 mark. It made intraday high at 1,278 and low at 1,274 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1,270 mark. A sustained close above 1…
It made intraday high at 1,278 and low at 1,274 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1,270 mark.
A sustained close above 1,270 will take the parity higher towards key resistances around 1,284, 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,270 will drag the parity down towards key supports around 1,257, 1,246, 1,234, 1,218 and 1,206 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Korea, South Dec 2018 Nikkei markit manufacturing PMI increase to 49.8 vs previous 48.6.
We prefer to take short position on EUR/KRW around 1,280, stop loss at 1,290 and target of 1,257/1,246.
