FxWirePro: South Korean won falls in early Asia as South Korea’s industrial output, service sector output data fail to meet expectations

• EUR/KRW is currently trading around 1,194 mark.
   
• Pair made intraday high at 1,195 and low at 1,192 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1,191 mark.
   
• A daily close below 1,191 will drag the parity down towards key supports around 1,184, 1,178 and 1,163 marks respectively.
   
• Alternatively, a sustained close above 1,191 will take the parity higher towards key resistances around 1,205, 1,214, 1,228, 1,233, 1,242 and 1,252marks respectively.
   
• Seoul shares open up 0.09 pct at 2166.62.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• South Korea’s February industrial output growth decreases to -3.4 % (forecast 0.0 %) vs previous 2.9 % (revised from 3.3 %).
   
• South Korea’s February service sector output growth decreases to 0.1 % vs previous 0.3 % (revised from 0.5 %).

We prefer to take long position in EUR/KRW around 1,193, stop loss at 1,190 and target of 1,205.