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FxWirePro: South Korean won trades marginally lower after CPI data

  • EUR/KRW is currently trading around 1,355 mark. 
  • It made intraday high at 1,358 and low at 1,352 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1,342 mark.
     
  • A sustained close above 1,351 will take the parity lower towards key resistances around 1,377, 1,392, 1,400, 1,408 and 1,428 marks respectively.
     
  • On the other side, a daily close below 1,337 will drag the parity down towards key supports around 1,318, 1,307, 1,298, 1,274 and 1,265 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart.
     
  • South Korea’s kospi was trading 0.90 pct higher at 1,700.27 points.
     
  • South Korea’s CPI y/y stands at 1.0 pct vs 1.1 pct previous release (expected 0.9).

We prefer to take long position on EUR/KRW only above 1,358, stop loss at 1,342 and target of 1,377/1,392.

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