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FxWirePro: South Korean won remains almost unchanged after industrial output, service sector output data

EUR/KRW is currently trading around 1,313 mark. It made intraday high at 1,314 and low at 1,313 levels. Intraday bias remains neutral till the time pair holds key resistance at 1,318 mark. A sustained close above 1,318 w…

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FxWirePro: South Korean won remains almost unchanged after industrial output, service sector output data
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  • EUR/KRW is currently trading around 1,313 mark.
     
  • It made intraday high at 1,314 and low at 1,313 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 1,318 mark.
     
  • A sustained close above 1,318 will take the parity higher towards key resistances around 1,332, 1,340, 1,358, 1,363, 1,377 and 1,392 marks respectively.
     
  • On the other side, a daily close below 1,308 will drag the parity down towards key supports around 1,302, 1,294, 1,287, 1,278 and 1,268 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • Korea, South May 2019 industrial output growth decrease to -1.7 % (forecast -0.6 %) vs previous 1.9 % (revised from 1.6 %).
     
  • Korea, South May 2019 service sector output growth decrease to 0.1 % vs previous 0.4 % (revised from 0.3 %).
     
  • Korea, South May 2019 industrial output yy decrease to -0.2 % (forecast -1.1 %) vs previous 0.2 % (revised from -0.1 %).
     
  • Seoul shares open up 0.03 pct.

We prefer to take short position on EUR/KRW only below 1,311, stop loss 1,320 and target of 1,294.

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