FxWirePro: South Korean won appreciates on the back of higher than expected industrial production data

• USD/KRW is currently trading around 1144 levels.
   
• It made intraday high at 1146 and low at 1144 levels.
   
• Today South Korea released industrial production data with positive numbers at 3.3% m/m vs -2.1% previous release.
   
• In addition, manufacturing BSI index rose to 66 vs 65 previous release while service sector output came at 0.3% m/m vs -0.9% previous release.
   
• Intraday bias remains bearish for the moment.
   
• A daily close below 1142 will tests key supports at 1129/1122 marks respectively.
   
• On the other side, reversal from key support 1142 targets key resistances at
  1153/1172/1180/1193 marks.
   
• Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend.

We prefer to take short position in USD/KRW around 1146, stop loss 1155 and target 1129/1122 levels.