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2017.05.2121:04:00UTC+00Fxwirepro: South Korean Won Marginally Higher Despite Lower Than expected Ppi Growth Data

EUR/KRW is currently trading around 1,249 mark.
Pair made intraday high at 1,251 and low at 1,248 levels.
Intraday bias remains neutral till the time pair holds key support at 1,250 mark.
A daily close below 1,250 will drag the parity down towards key supports around 1,242, 1,234, 1,225, 1,218, 1,207, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
Alternatively, a sustained close above 1,250 will take the parity higher towards key resistances around 1,260, 1,274, 1,287 and 1,304 marks respectively.

Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
Seoul shares open up 0.53 pct at 2300.68.
South Korea’s April PPI growth m/m decrease to -0.1 % vs previous 0.0 % (revised from -0.1 %).
South Korea’s April PPI growth y/y decrease to 4 % vs previous 4.3 % (revised from 4.2 %).

We prefer to take short position in EUR/KRW only below 1,247, stop loss at 1,260 and target of 1,240/1,234.

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