FxWirePro: South Korean won falls against major peers after industrial output, manufacturing PMI data

• EUR/KRW is currently trading around 1,245 mark.
   
• Pair made intraday high at 1,245 and low at 1,240 levels.
   
• Intraday bias remains bullish till the time pair holds immediate support at 1,238 mark.
   
• A consistent close below 1,241 will drag the parity down towards key supports around 1,232, 1,229, 1,222, 1,218, 1,209, 1,203, 1,199 and 1,163 marks respectively.
   
• Alternatively, a sustained close above 1,241 will take the parity higher towards key resistances around 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
   
• Seoul shares open up 0.37 pct at 2075.31.
   
• South Korea’s December industrial output growth decreases to -0.5 % (forecast 0.3 %) vs prev 3.6 % (revised from 3.4 %).
   
• South Korea’s December service sector output growth stays flat at 0.3 % vs previous 0.3 % (revised from 0.1 %).
   
• South Korea’s January trade balance prelim decreases to 3.2 bln $ vs prev 6.80 bln $.
   
• South Korea’s January Nikkei markit manufacturing PMI decreases to 49.0 vs previous 49.4.

We prefer to take long position in EUR/KRW around 1,242, stop loss at 1,238 and target of 1,252/1,262.