FxWirePro: South Korean won remains almost unchanged after industrial production, retail sales data
EUR/KRW is currently trading around 1,296 mark. It made intraday high at 1,298 and low at 1,296 levels. Intraday bias remains slightly neutral till the time pair holds key support at 1,294 mark. A sustained close above 1…
It made intraday high at 1,298 and low at 1,296 levels.
Intraday bias remains slightly neutral till the time pair holds key support at 1,294 mark.
A sustained close above 1,302 will take the parity higher towards key resistances around 1,319, 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
On the other side, a daily close below 1,294 will drag the parity down towards key supports around 1,287, 1,278, 1,268 and 1,244 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
South Korea’s industrial production y/y stands at 0.4 pct vs -3.3 pct previous release (expected -1.1).
South Korea’s retail sales m/m stands at -2.2 pct vs 3.9 pct previous release.
South Korea’s Kospi was trading 0.75 point higher at 2,095.72.
We prefer to take short position on EUR/KRW around 1,296, stop loss at 1,302 and target of 1,287/1,278.
