FxWirePro: South Korean won trades marginally lower in early Asia on the back of lower than expected export – import price index data

• EUR/KRW is currently trading around 1,328 mark. 

• It made intraday high at 1,330 and low at 1,323 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1,318 mark.
   
• A sustained close above 1,330 will take the parity higher towards key resistances around 1,337, 1,358, 1,377, 1,392, 1,400, 1,408 and 1,428 marks respectively.
   
• On the other side, a daily close below 1,318 will drag the parity down towards key supports around 1,307, 1,298, 1,274 and 1,265 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 kospi was trading 1.60 pct higher at 1,854.72 points.
   
• South Korea’s export price index y/y stands at -3.3 vs -2.0 previous release (expected -1.2 pct).
   
• South Korea’s import price index y/y stands at -7.7 vs -1.0 previous release (expected -0.6 pct).

We prefer to take long position on EUR/KRW around 1,328, stop loss at 1,322 and target of 1,337/1,358.