FxWirePro: South Korean won rises in early Asia on robust manufacturing PMI data

• EUR/KRW is currently trading around 1,294 mark.
   
• It made intraday high at 1,298 and low at 1,291 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 1,302 mark.
   
• A sustained close above 1,295 will take the parity higher towards key resistances around 1,302, 1,323, 1,347 and 1,363 marks respectively.
   
• On the other side, a daily close below 1,282 will drag the parity down towards key supports around 1,274, 1,265 and 1,244 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• South Korea’s manufacturing PMI stands at 50.1 vs 49.4 pct previous release.
   
• South Korea’s kospi was trading 0.25 pct lower at 2,192.25 points.

We prefer to take short position on EUR/KRW around 1,295, stop loss at 1,302 and target of 1,282/1,274.