FxWirePro: South Korean won trades marginally lower despite robust CPI data
EUR/KRW is currently trading around 1,317 mark. It made intraday high at 1,319 and low at 1,315 levels. Intraday bias remains slightly bullish till the time pair holds immediate support at 1,316 mark. A sustained close a…
It made intraday high at 1,319 and low at 1,315 levels.
Intraday bias remains slightly bullish till the time pair holds immediate support at 1,316 mark.
A sustained close above 1,316 will take the parity higher towards key resistances around 1,324, 1,332, 1,347 and 1,363 marks respectively.
On the other side, a daily close below 1,316 will drag the parity down towards key supports around 1,310, 1,290, 1,282, 1,274, 1,265 and 1,244 marks respectively.
Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart.
South Korea’s CPI y/y stands at 1.5 pct vs 0.7 pct previous release (expected 1.1).
South Korea’s kospi was trading 1.33 pct higher at 2,146.77 points.
We prefer to take short position on EUR/KRW only below 1,315, stop loss at 1,327 and target of 1,302/1,290.
