FxWirePro: South Korean won trades marginally lower despite robust export, import price growth data
EUR/KRW is currently trading around 1,346 mark. Pair made intraday high at 1,348 and low at 1,344 levels. Intraday bias remains bullish till the time pair holds key support at 1,337 mark. A sustained close above 1,344 wi…
Pair made intraday high at 1,348 and low at 1,344 levels.
Intraday bias remains bullish till the time pair holds key support at 1,337 mark.
A sustained close above 1,344 will take the parity higher towards key resistances around 1,351, 1,377 and 1,390 marks respectively.
On the other side, a daily close below 1,337 will drag the parity down towards key supports around 1,323, 1,313, 1,302, 1,290, 1,277, 1,265 and 1,247 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 1.54 pct.
South Korea July import price growth y/y increase to 5.4 % vs previous 2 % (revised from 2.3 %).
South Korea July export price growth y/y increase to 8 % vs previous 4.7 % (revised from 4.9 %).
We prefer to take long position on EUR/KRW around 1,345, stop loss at 1,337 and target of 1,377.
