FxWirePro: South Korean won trades almost flat against euro despite robust GDP data
EUR/KRW is currently trading around 1,328 mark. Pair made intraday high at 1,330 and low at 1,327 levels. Intraday bias remains neutral till the time pair holds key support at 1,325 mark. A sustained close above 1,330 wi…
Pair made intraday high at 1,330 and low at 1,327 levels.
Intraday bias remains neutral till the time pair holds key support at 1,325 mark.
A sustained close above 1,330 will take the parity higher towards key resistances around 1,338, 1,347, 1,355, 1,363, 1,377 and 1,390 marks respectively.
On the other side, a daily close below 1,325 will drag the parity down towards key supports around 1,320, 1,313 and 1,302 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
Seoul shares open down 0.12 pct.
South Korea Q3 GDP growth Q/Q advance increase to 1.4 % vs previous 0.6 %.
South Korea Q3 GDP growth y/y advance increase to 3.6 % vs previous 2.7 %.
We prefer to take short position on EUR/KRW only below 1,325, stop loss at 1,338 and target of 1,313.
