FxWirePro: South Korean won marginally higher on robust GDP data
EUR/KRW is currently trading around 1,232 mark. Pair made intraday high at 1,233 and low at 1,230 levels. Intraday bias remains neutral till the time pair holds key support at 1,232 mark. A daily close below 1,232 will d…
Pair made intraday high at 1,233 and low at 1,230 levels.
Intraday bias remains neutral till the time pair holds key support at 1,232 mark.
A daily close below 1,232 will drag the parity down towards key supports around 1,222, 1,218, 1,212, 1,208, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
Alternatively, a sustained close above 1,232 will take the parity higher towards key resistances around 1,238, 1,242 and 1,252 marks respectively.
Seoul shares open down 0.28 pct at 2201.72.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
South Korea Q1 GDP growth y/y increase to 2.7 % (forecast 2.6 %) vs previous 2.4 %.
South Korea Q1 GDP growth q/q increase to 0.9 % (forecast 0.7 %) vs previous 0.5 %.
We prefer to take short position in EUR/KRW around 1,232, stop loss at 1,238 and target of 1,227/1,222.
