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FxWirePro: South Korean won trades almost flat against euro after mixed economic data

EUR/KRW is currently trading around 1,274 mark. Pair made intraday high at 1,277 and low at 1,274 levels. Intraday bias remains neutral till the time pair holds key support at 1,273 mark. A sustained close above 1,275 wi…

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FxWirePro: South Korean won trades almost flat against euro after mixed economic data
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  • EUR/KRW is currently trading around 1,274 mark.
     
  • Pair made intraday high at 1,277 and low at 1,274 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1,273 mark.
     
  • A sustained close above 1,275 will take the parity higher towards key resistances around 1,280, 1,296, 1,302, 1,313, 1,327, 1,338, 1,347 and 1,355 marks respectively.
     
  • On the other side, a daily close below 1,273 will drag the parity down towards key supports around 1,264, 1,253 and 1,234 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Seoul shares open up 0.11 pct.
     
  • Korea, South Jan BOK manufacturing BSI decrease to 83 vs previous 84.
     
  • Korea, South Nov industrial output y/y increase to -1.6 % (forecast 1 %) vs previous -6.1 % (revised from -5.9 %).
     
  • Korea, South Nov service sector output growth increase to 2.5 % vs previous -1.9 % (revised from -1.7 %).

We prefer to take short position on EUR/KRW only below 1,273, stop loss at 1,282 and target of 1,264/1,253.

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