FxWirePro: South Korean won trades marginally lower despite robust CPI, manufacturing BSI index data

• EUR/KRW is currently trading around 1,297 mark.
   
• It made intraday high at 1,297 and low at 1,294 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 1,292 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 BSI index y/y stands at 75 vs 74 pct previous release.
   
• South Korea’s CPI stands at 0.7 pct vs 0.2 pct previous release (expected 0.6).

We prefer to take short position on EUR/KRW only below 1,292, stop loss at 1,302 and target of 1,282/1,274.