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FxWirePro: South Korean won falls gradually against euro, faces immediate resistance at 1,278 mark

  • EUR/KRW is currently trading around 1,274 mark.
     
  • It made intraday high at 1,276 and low at 1,273 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1,265 mark.
     
  • A sustained close above 1,273 will take the parity higher towards key resistances around 1,278, 1,288, 1,294, 1,307, 1,315 and 1,327 marks respectively.
     
  • On the other side, a daily close below 1,273 will drag the parity down towards key supports around 1,265, 1,257, 1,246 and 1,234 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Korea, South Jan 2019 PPI growth mm increase to -0.2 % vs previous -0.6 % (revised from -0.5 %).
     
  • Korea, South Jan 2019 PPI growth yy decrease to 0.2 % vs previous 0.9 % (revised from 1 %)
     
  • Seoul shares open down 0.28 pct.

We prefer to go long on EURKRW only above 1,278, stop loss at 1,265 and target of 1,294.

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