FxWirePro: South Korean won rises in early Asia after mixed economic data

• EUR/KRW is currently trading around 1,345 mark. 

• It made intraday high at 1,351 and low at 1,342 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,351 mark.
   
• A sustained close above 1,351 will take the parity lower towards key resistances around 1,377, 1,392, 1,400, 1,408 and 1,428 marks respectively.
   
• On the other side, a daily close below 1,337 will drag the parity down towards key supports around 1,318, 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. Current downside movement is short term trend correction only.
   
• South Korea’s kospi was trading 1.44 pct higher at 1,741.33 points.
   
• South Korea’s manufacturing BSI index stands at 52 vs 66 previous release.
   
• South Korea’s industrial production y/y stands at 11.4 vs -2.6 previous release (expected 2.3).
   
• South Korea’s retail sales data stands at -6.0 vs -3.1 pct previous release.

We prefer to take short position on EUR/KRW around 1,347, stop loss at 1,352 and target of 1,337/1,318.