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FxWirePro: South Korean won remains almost unchanged after manufacturing BSI index, industrial production data

EUR/KRW is currently trading around 1,321 mark. It made intraday high at 1,322 and low at 1,320 levels. Intraday bias remains neutral till the time pair holds key support at 1,320 mark. A sustained close above 1,336 will…

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FxWirePro: South Korean won remains almost unchanged after manufacturing BSI index, industrial production data
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  • EUR/KRW is currently trading around 1,321 mark. 
  • It made intraday high at 1,322 and low at 1,320 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1,320 mark.
     
  • A sustained close above 1,336 will take the parity higher towards key resistances around 1,357, 1,377, 1,392, 1,400, 1,408 and 1,428 marks respectively.
     
  • On the other side, a daily close below 1,319 will drag the parity down towards key supports around 1,307, 1,298, 1,274 and 1,265 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart.
     
  • South Korea’s kospi was trading 0.85 pct higher at 1,950.53 points.
     
  • South Korea’s manufacturing BSI index data stands at 45 vs 52 previous release.
     
  • South Korea’s industrial production y/y data stands at 7.1 vs 11.3 previous release (expected -1.9).
     
  • South Korea’s retail sales data stands at -1.0 vs -6.0 previous release.

We prefer to take short position on EUR/KRW only below 1,316, stop loss at 1,332 and target of 1,307/1,298.

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