FxWirePro: South Korean won strengthens on robust Markit manufacturing PMI data

• EUR/KRW is currently trading around 1,271 mark.
   
• It made intraday high at 1,276 and low at 1,271 levels.
   
• Intraday bias remains bearish for the moment.
   
• A sustained close above 1,274 will take the parity higher towards key resistances around 1,282, 1,289, 1,294, 1,307, 1,315 and 1,327 marks respectively.
   
• On the other side, a daily close below 1,274 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 up and confirms the bullish trend in a daily chart.
   
• Seoul shares open up 0.59 pct.
   
• Korea, South March 2019 Nikkei markit manufacturing PMI increase to 48.8 vs previous 47.2.
   
• Korea, South Mar 2019 trade balance prelim increase to 5.22 usd vs previous 2.96 usd.
   
• Korea, South Mar 2019 import growth prelim increase to -6.7 % (forecast -4.9 %) vs previous -12.6 %.
   
• Korea, South Mar 2019 export growth prelim increase to -8.2 % (forecast -8.7 %) vs previous -11.4 %.

We prefer to take short position on EUR/KRW around 1,272, stop loss 1,282 and target of 1,265/1,257.