FxWirePro: South Korean won depreciates as industrial outout, service sector output data miss expectations
EUR/KRW is currently trading around 1,274 mark. It made intraday high at 1,275 and low at 1,273 levels. Intraday bias remains slightly bullish for the moment. A sustained close above 1,274 will take the parity higher tow…
It made intraday high at 1,275 and low at 1,273 levels.
Intraday bias remains slightly bullish for the moment.
A sustained close above 1,274 will take the parity higher towards key resistances around 1,282, 1,289, 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,274 will drag the parity down towards key supports around 1,265, 1,257, 1,246 and 1,234 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
Seoul shares open up 0.49 pct.
Korea, South Feb 2019 industrial output yy decrease to -2.7 % (forecast -0.5 %) vs previous -0.2 % (revised from 0.1 %).
Korea, South Feb 2019 industrial output growth decrease to -2.6 % (forecast -0.9 %) vs previous 0.2 % (revised from 0.5 %).
Korea, South Feb 2019 service sector output growth decrease to -1.1 % vs previous 1.1 % (revised from 0.9 %).
We prefer to take short position on EUR/KRW only below 1,272, stop loss 1,282 and target of 1,265/1,257.
