FxWirePro: South Korean won depreciates in early Asia as export - import price index data miss expectations

• EUR/KRW is currently trading around 1,330 mark.
   
• Pair made intraday high at 1,331 and low at 1,328 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,328 mark.
   
• A sustained close above 1,328 will take the parity higher towards key resistances around 1,342, 1,357, 1,377 and 1,392 marks respectively.
   
• On the other side, a daily close below 1,328 will drag the parity down towards key supports around 1,323, 1,308, 1,302, 1,288, 1,272 and 1,264 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• Korea, South Jan export price growth y/y decrease to -3.5 % vs previous -2 % (revised from -2.1 %).
   
• Korea, South Jan import price growth y/y decrease to -2.4 % vs previous -0.9 % (revised from -1 %).


• Seoul shares open up 0.73 pct.

We prefer to take short position on EUR/KRW only below 1,328, stop loss at 1,338 and target of 1,308.

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