FxWirePro: South Korean won trades marginally lower as trade balance data misses expectations

• EUR/KRW is currently trading around 1,283 mark.
   
• Pair made intraday high at 1,283 and low at 1,278 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 1,278 mark.
   
• A sustained close above 1,280 will take the parity higher towards key resistances around 1,296, 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 1,278 will drag the parity down towards key supports around 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.
   
• Seoul shares open up 0.77 pct.
   
• Korea, South Nov 2017 trade balance revised decrease to 7.6 bln usd vs previous 7.8 bln usd.
   
• Korea, South Nov 2017 import growth revised increase to 12.7 % vs previous 12.3 %.
   
• Korea, South Nov 2017 export growth revised decrease to 9.5 % vs previous 9.6 %.

We prefer to take short position on EUR/KRW only below 1,278, stop loss at 1,296 and target of 1,264.

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