FxWirePro: South Korean won almost flat against major peers despite robust industrial output, service sector output data

• EUR/KRW is currently trading around 1,259 mark.
   
• Pair made intraday high at 1,260 and low at 1,258 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 1,260 will take the parity higher towards key resistances around 1,266, 1,272, 1,280 and 1,287 marks respectively.
   
• On the other side, a consistent close below 1,260 will drag the parity down towards key supports around 1,253, 1,242, 1,232, 1,229, 1,222, 1,218, 1,209, 1,203, 1,199 and 1,163 marks respectively.
   
• Seoul kospi shares open down 0.20 pct at 2020.42.
   
• South Korea’s Jan BOK manufacturing BSI decreases to 73 vs previous 74.
   
• South Korea’s November industrial output growth increases to 3.4 % (forecast 1.0 %) vs previous -1.7 %.
   
• South Korea’s November industrial output y/y increases to 4.8 % (forecast 2.2 %) vs previous -1.3 % (revised from -1.6 %).
   
• South Korea’s November service sector output growth increases to 0.1 % vs previous -0.3 % (revised from -0.2 %).
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to go short on EUR/KRW around 1,260 with stop loss at 1,266 and target of 1,252/1,248.