FxWirePro: South Korean won trades marginally higher after GDP data
EUR/KRW is currently trading around 1,330 mark. It made intraday high at 1,335 and low at 1,330 levels. Intraday bias remains bearish till the time pair holds key resistance at 1,336 mark. A sustained close above 1,336 w…
It made intraday high at 1,335 and low at 1,330 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,336 mark.
A sustained close above 1,336 will take the parity higher towards key resistances around 1,357, 1,377, 1,392, 1,400, 1,408 and 1,428 marks respectively.
On the other side, a daily close below 1,319 will drag the parity down towards key supports around 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 0.36 pct higher at 1,902.20 points.
South Korea’s GDP q/q stands at -1.4 pct vs 1.3 pct previous release (expected -1.5).
We prefer to take short position on EUR/KRW around 1,332, stop loss at 1,342 and target of 1,307/1,298.
