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

• EUR/KRW is currently trading around 1,262 mark.
   
• It made intraday high at 1,263 and low at 1,257 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,257 mark.
   
• A sustained close above 1,257 will take the parity higher towards key resistances around 1,272, 1,277, 1,282, 1,294, 1,307, 1,315 and 1,327 marks respectively.
   
• On the other side, a daily close below 1,257 will drag the parity down towards key supports around 1,246, 1,234, 1,218 and 1,206 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.
• Seoul shares open down 0.29 pct.
   
• Korea, South Q3 2018 GDO growth qq revised stays flat at 0.6 % vs previous 0.6 %.
   
• Korea, South Nov 2018 CPI growth mm decrease to -0.7 % (forecast -0.4 %) vs previous -0.2 %.
   
• Korea, South Nov 2018 CPI NSA decrease to 104.73 vs previous 105.42.

We prefer to take short position on EUR/KRW around 1,265, stop loss at 1,277 and target of 1,257/1,234.