FxWirePro: South Korean won falls in early Asia after mixed economic data

• EUR/KRW is currently trading around 1,294 mark.
   
• Pair made intraday high at 1,294 and low at 1,291 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 1,279 mark.
   
• A sustained close above 1,293 will take the parity higher towards key resistances around 1,302, 1,313, 1,327, 1,338, 1,347, 1,355, 1,363, 1,377 and 1,390 marks respectively.
   
• On the other side, a daily close below 1,293 will drag the parity down towards key supports around 1,279, 1,273, 1,264, 1,253 and 1,234 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.
   
• Korea, South Nov 2017 CPI growth decrease to -0.7 percent (forecast -0.1 percent) vs previous -0.2 percent.
   
• Korea, South Q3 2017 GDP growth q/q revised increase to 1.5 percent vs previous 1.4 percent.
   
• Korea, South Nov 2017 trade balance prelim increase to 7.8 usd vs previous 7.14 usd.
   
• Korea, South Nov 2017 Nikkei markit manufacturing PMI increase to 51.2 vs previous 50.2.
   
• Seoul shares open up 0.51 pct.

We prefer to take long position on EUR/KRW only above 1,298, stop loss at 1,286 and target of 1,313.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest