FxWirePro: South Korean won trades marginally higher after GDP data

• EUR/KRW is currently trading around 1,330 mark. 

• It made intraday high at 1,335 and low at 1,330 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,336 mark.
   
• A sustained close above 1,336 will take the parity higher towards key resistances around 1,357, 1,377, 1,392, 1,400, 1,408 and 1,428 marks respectively.
   
• On the other side, a daily close below 1,319 will drag the parity down towards key supports around 1,307, 1,298, 1,274 and 1,265 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• South Korea’s kospi was trading 0.36 pct higher at 1,902.20 points.
   
• South Korea’s GDP q/q stands at -1.4 pct vs 1.3 pct previous release (expected -1.5).

We prefer to take short position on EUR/KRW around 1,332, stop loss at 1,342 and target of 1,307/1,298.