- EUR/KRW is currently trading around 1,290 mark.
- It made intraday high at 1,290 and low at 1,288 levels.
- Intraday bias remains bullish till the time pair holds key support at 1,283 mark.
- A sustained close above 1,288 will take the parity higher towards key resistances around 1,290, 1,302, 1,324, 1,332, 1,347 and 1,363 marks respectively.
- On the other side, a daily close below 1,284 will drag the parity down towards key supports around 1,274, 1,265, 1,244 and 1,222 marks respectively.
- Important to note here that 20D, 30D and 55D EMA down and confirms the bearish trend in a daily chart.
- South Korea’s PPI m/m stands at 0.2 pct vs 0.3 pct previous release (expected 0.4 pct).
- South Korea’s PPI y/y stands at 1.0 pct vs 0.7 pct previous release (expected 1.4 pct).
- South Korea’s kospi was trading 0.28 pct lower at 2,204.73 points.
We prefer to take long position on EUR/KRW around 1,288, stop loss at 1,282 and target of 1,302/1,324.