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FxWirePro: South Korean won falls in early Asia on the back of lower than expected PPI data

  • EUR/KRW is currently trading around 1,213 mark.
     
  • Pair made intraday high at 1,213 and low at 1,208 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1,208 mark.
     
  • A daily close below 1,208 will drag the parity down towards key supports around 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.
     
  • Alternatively, a sustained close above 1,208 will take the parity higher towards key resistances around 1,219, 1,228, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
     
  • Seoul shares open down 0.20 pct at 2160.32.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • South Korea’s February PPI growth m/m decreases to 0.3 % vs previous 1.4 % (revised from 1.3 %).
     
  • South Korea’s February PPI growth y/y increase to 4.2 % vs previous 3.9 % (revised from 3.7 %).

We prefer to take long position in EUR/KRW around 1,210, stop loss at 1,205 and target of 1,219.

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