FxWirePro: South Korean won trades marginally lower despite robust manufacturing BSI index data
EUR/KRW is currently trading around 1,295 mark. It made intraday high at 1,296 and low at 1,295 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,302 mark. A sustained close above 1,302 w…
It made intraday high at 1,296 and low at 1,295 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,302 mark.
A sustained close above 1,302 will take the parity higher towards key resistances around 1,319, 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
On the other side, a daily close below 1,294 will drag the parity down towards key supports around 1,287, 1,278, 1,268 and 1,244 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
South Korea’s Kospi was trading 0.20 point higher at 2,097.68.
South Korea manufacturing BSI index stands at 74 vs 73 previous release.
We prefer to take short position on EUR/KRW only below 1,294, stop loss at 1,302 and target of 1,278/1,268.
