FxWirePro: South Korean won gains despite lower than expected manufacturing BSI index
Wednesday, March 29, 2017 1:51 AM UTC
- EUR/KRW is currently trading around 1,202 mark.
- Pair made intraday high at 1,205 and low at 1,202 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1,214 mark.
- A daily close below 1,204 will drag the parity down towards key supports around 1,200, 1,191, 1,184, 1,178 and 1,163 marks respectively.
- Alternatively, a sustained close above 1,204 will take the parity higher towards key resistances around 1,208, 1,214, 1,228, 1,233, 1,242 and 1,252marks respectively.
- Seoul shares open up 0.42 pct at 2172.31.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- South Korea’s April BOK manufacturing BSI index decrease to 78 vs previous 79.
We prefer to take short position in EUR/KRW around 1,205, stop loss at 1,214 and target of 1,200/1,194.