• FxWirePro: South Korean WON trades marginally lower after PPI growth data

    Source: FxWire Pro - Technicals / 21 Jan 2018 20:25:19   Eastern Standard Time

    • EUR/KRW is currently trading around 1,306 mark.
       
    • Pair made intraday high at 1,307 and low at 1,302 levels.
       
    • Intraday bias remains neutral for the moment.
       
    • A sustained close above 1,308 will take the parity higher towards key resistances around 1,313, 1,327, 1,338, 1,347 and 1,355 marks respectively.
       
    • On the other side, a daily close below 1,297 will drag the parity down towards key supports around 1,288, 1,272, 1,264, 1,248 and 1,234 marks respectively.
       
    • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
       
    • Korea, South Dec PPI growth increase to 0.1 % vs previous -0.1 %.
       
    • Korea, South Dec PPI growth y/y decrease to 2.3 % vs previous 3.1 %.
       
    • Seoul shares open down 0.13 pct.

    We prefer to take long position on EUR/KRW around 1,302, stop loss at 1,288 and target of 1,313/1,320.

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