• FxWirePro: South Korean WON trades marginally lower after mixed economic data

    Source: FxWire Pro - Technicals / 14 Jan 2020 22:10:32   America/New_York

    • EUR/KRW is currently trading around 1,288 mark.
       
    • It made intraday high at 1,293 and low at 1,287 levels.
       
    • Intraday bias remains neutral till the time pair holds key support at 1,280 mark.
       
    • A sustained close above 1,290 will take the parity higher towards key resistances around 1,302, 1,323, 1,347 and 1,363 marks respectively.
       
    • On the other side, a daily close below 1,280 will drag the parity down towards key supports around 1,274, 1,265 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 0.35 pct lower at 2,230.06 points.
       
    • South Korea’s export price index data stands at -3.1 pct vs -6.5 pct previous release (expected -5.8 pct).
       
    • South Korea’s import price index data stands at 3.4 pct vs -2.1 pct previous release (expected -2.2 pct).
       
    • South Korea’s unemployment rate Dec stands at 3.8 pct vs 3.6 pct previous release (expected 3.6 pct).

    We prefer to take short position on EUR/KRW around 1,290, stop loss at 1,295 and target of 1,280/1,274/1,265.

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