FxWirePro: South Korean won trades marginally lower after CPI, trade balance data

• EUR/KRW is currently trading around 1,303 mark.
   
• It made intraday high at 1,304 and low at 1,303 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 1,294 mark.
   
• A sustained close above 1,303 will take the parity higher towards key resistances around 1,319, 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
   
• On the other side, a daily close below 1,294 will drag the parity down towards key supports around 1,287, 1,278, 1,268 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. Current upside movement is short term trend correction only.
   
• South Korea’s CPI y/y stands at 0.0 pct vs -0.4 pct previous release (expected -0.3).
   
• South Korea’s trade balance stands at 5.39B vs 5.98B pct previous release (expected 3.51B).
   
• South Korea’s Nikkei manufacturing PMI stands at 48.4 vs 48.0 pct previous release (expected 48.5).
   
• South Korea’s Kospi was trading 0.17 point higher at 2,087.71.

We prefer to take short position on EUR/KRW only below 1,302, stop loss at 1,308 and target of 1,294/1,287/1,278.