FxWirePro: South Korean won appreciates against euro despite lower than expected GDP data

• EUR/KRW is currently trading around 1,243 mark.
   
• Pair made intraday high at 1,246 and low at 1,243 levels.
   
• Intraday bias remains bearish till the time pair holds immediate resistance at 1,251 mark.
   
• A sustained close above 1,251 will take the parity higher towards key resistance around 1,260, 1,269 and 1,273 marks respectively.
   
• Key supports are seen at 1,242, 1,238, 1,229 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.
   
• South Korea Q3 GDP growth q/q decreases to 0.6 % vs previous 0.7 %.
   
• South Korea Q3 GDP growth y/y decreases to 2.6 % vs previous 2.7 %.
   
• Seoul shares open down 0.18 pct at 1980.14.

We prefer to go short on EUR/KRW around 1,245, with stop loss at 1,251 and target of 1,237/1,229/1,225.