FxWirePro: South Korean won marginally lower despite robust GDP data

• EUR/KRW is currently trading around 1,256 mark.


• Pair made intraday high at 1,257 and low at 1,255 levels.
   
• Intraday bias remains neutral for the moment.
   
• A daily close below 1,256 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 1,256 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.
   
• South Korea’s Q1 GDP growth q/q increase to 1.1 % vs previous 0.9 %.
   
• South Korea’s Q1 GDP growth y/y increase to 2.9 % vs previous 2.7 %.

We prefer to take short position in EUR/KRW around 1,258, stop loss 1,263 and target of 1,247/1,242.