FxWirePro: South Korean won marginally higher despite lower than expected industrial output, service sector output data

• EUR/KRW is currently trading around 1,253 mark.
   
• Pair made intraday high at 1,255 and low at 1,251 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,247 mark.
   
• A daily close below 1,254 will drag the parity down towards key supports around 1,247, 1,242, 1,234, 1,225, 1,218, 1,207, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
   
• Alternatively, a sustained close above 1,254 will take the parity higher towards key resistances around 1,263, 1,274, 1,287 and 1,304 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• Seoul shares open down 0.19 pct at 2339.25.
   
• South Korea’s April industrial output growth decrease to -2.2 % (forecast 0.8 %) vs previous 1.2 % (revised from 1.0 %).
   
• South Korea April industrial output y/y decrease to 1.7 % (forecast 5.0 %) vs previous 3.3 % (revised from 3.0 %).
   
• South Korea’s April service sector output growth decrease to 0.1 % vs previous 0.3 % (revised from 0.4 %).

We prefer to take long position in EUR/KRW only above 1,255, stop loss 1,247 and target of 1,263/1,274.