FxWirePro: South Korean won trades marginally lower despite favourable base rate hike, retail sales and industrial production data

• EUR/KRW is currently trading around 1,273 mark.
   
• It made intraday high at 1,274 and low at 1,271 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,270 mark.
   
• A sustained close above 1,272 will take the parity higher towards key resistances around 1,277, 1,282, 1,294, 1,307, 1,315 and 1,327 marks respectively.
   
• On the other side, a daily close below 1,272 will drag the parity down towards key supports around 1,267, 1,258, 1,246 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 0.13 pct.
   
• Korea, South Nov 2018 BOK base rate increase to 1.75 % (forecast 1.75 %) vs previous 1.5 %.
   
• Korea South Oct retail sales s/adj +0.2 pct mth/mth.
   
• Korea, South Oct 2018 industrial output yy increase to 10.7 % (forecast 6.9 %) vs previous -8.4 % (revised from -8.4 %).
   
• Korea, South Oct 2018 industrial output growth increase to 1 % (forecast 1.1 %) vs previous -2.7 % (revised from -2.5 %).
   
• Korea, South Oct 2018 service sector output growth increase to 0.3 % vs previous 0.1 %.

We prefer to take short position on EUR/KRW around 1,275, stop loss at 1,282 and target of 1,258.