FxWirePro: South Korean won trades marginally lower against euro after mixed economic data, faces immediate support at 1,289 mark

• EUR/KRW is currently trading around 1,293 mark.
   
• Pair made intraday high at 1,294 and low at 1,292 levels.
   
• Intraday bias remains slightly bullish till the time pair holds immediate support at 1,289 mark.
   
• A sustained close above 1,292 will take the parity higher towards key resistances around 1,302, 1,315, 1,327, 1,332, 1,340, 1,356, 1,377 and 1,392 marks respectively.
   
• On the other side, a daily close below 1,292 will drag the parity down towards key supports around 1,273, 1,264, 1,242 and 1,222 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 up 0.40 pct.
   
• Korea, South March industrial output growth decrease to -2.5 % (forecast 0.5 %) vs previous 0.8 % (revised from 1.1 %).
   
• Korea, South March industrial output yy increase to -4.3 % (forecast -1.2 %) vs previous -6.8 % (revised from -6.4 %).
   
• Korea, South March service sector output growth increase to 0.4 % vs previous -0.2 %.

We prefer to take short position on EUR/KRW around 1,296, stop loss at 1,302 and target of 1,289/1,273.

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