FxWirePro: South Korean won rises in early Asia despite lower than expected consumer confidence data

• EUR/KRW is currently trading around 1,312 mark.
   

• It made intraday high at 1,322 and low at 1,312 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1,322 mark.
   
• A sustained close above 1,322 will take the parity higher towards key resistances around 1,332, 1,347 and 1,363 marks respectively.
   
• On the other side, a daily close below 1,316 will drag the parity down towards key supports around 1,298, 1,274, 1,265, 1,244 and 1,222 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 consumer confidence stands at 96.9 vs 104.2 previous release (expected 112.2).
   
• South Korea’s kospi was trading 0.77 pct higher at 2,094.96 points.

We prefer to take long position on EUR/KRW around 1,308, stop loss at 1,298 and target of 1,324/1,347.