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FxWirePro: South Korean won remains unchanged despite robust PPI growth data

  • EUR/KRW is currently trading around 1,280 mark.
     
  • Pair made intraday high at 1,282 and low at 1,280 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1,277 mark.
     
  • A sustained close above 1,281 will take the parity higher towards key resistances around 1,288, 1,294, 1,302, 1,315 and 1,327 marks respectively.
     
  • On the other side, a daily close below 1,281 will drag the parity down towards key supports around 1,277, 1,267, 1,258, 1,246, 1,234, 1,222, 1,205 and 1,188 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Seoul shares open up 0.01 pct.
     
  • Korea, South May 2018 PPI growth yy increase to 2.2 (previous 1.7).
     
  • Korea, South May 2018 PPI growth increase to 0.2 (previous 0.1).

We prefer to take short position on EUR/KRW only below 1,277, stop loss at 1,288 and target of 1,258.

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