FxWirePro: South Korean won remains volatile in early hours of Asia after industrial production, retail sales data
EUR/KRW is currently trading around 1,312 mark. It made intraday high at 1,320 and low at 1,312 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1,317 mark. A sustained close abov…
It made intraday high at 1,320 and low at 1,312 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1,317 mark.
A sustained close above 1,317 will take the parity higher towards key resistances around 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
On the other side, a daily close below 1,309 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 down and confirms the bearish trend in a daily chart.
South Korea’s kospi was trading 0.17 pct lower at 2,046.55 points.
South Korea Aug y/y industrial production stands at -2.9 pct vs 0.6 pct previous release (expected -0.2 pct).
South Korea retail sales m/m stands at 3.9 pct vs -0.9 pct previous release.
We prefer to take short position on EUR/KRW around 1,315, stop loss 1,322 and target of 1,302/1,287.
