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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 d…

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

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