FxWirePro: South Korean won falls in early Asia as manufacturing PMI data misses expectations

• EUR/KRW is currently trading around 1,279 mark.
   
• Pair made intraday high at 1,281 and low at 1,277 levels.
   
• Intraday bias remains slightly bullish for the moment.
   
• A sustained close above 1,284 will take the parity higher towards key resistances around 1,296, 1,302, 1,313, 1,327, 1,338, 1,347 and 1,355 marks respectively.
   
• On the other side, a daily close below 1,273 will drag the parity down towards key supports around 1,264, 1,253 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. Current upside movement is short term trend correction only.
   
• South Korea December factory PMI slips to 49.9 from 51.2 in November; new orders growth eases, output falls.
   
• South Korea’s kospi was trading 0.22 pct higher at 2,473.68 points.

We prefer to take short position on EUR/KRW around 1,275, stop loss at 1,282 and target of 1,264/1,253.

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