FxWirePro: South Korean won trades marginally lower in early Asia as PPI data stays flat
EUR/KRW is currently trading around 1,314 mark. Pair made intraday high at 1,316 and low at 1,313 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1,308 mark. A sustained close above…
Pair made intraday high at 1,316 and low at 1,313 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1,308 mark.
A sustained close above 1,315 will take the parity higher towards key resistances around 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,298, will drag the parity down towards key supports around 1,291, 1,282, 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 up 0.37 pct.
Korea, South Aug 2018 PPI growth mm stays flat at 0.5 % vs previous 0.5 % (revised from 0.4 %).
We prefer to take long position on EUR/KRW around 1,314, stop loss at 1,308 and target of 1,327/1,338.
