- EUR/KRW is currently trading around 1,316 mark.
- Pair made intraday high at 1,319 and low at 1,316 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 1,319 mark.
- A sustained close above 1,319 will take the parity higher towards key resistances around 1,327, 1,338, 1,347 and 1,355 marks respectively.
- On the other side, a daily close below 1,319 will drag the parity down towards key supports around 1,308, 1,302, 1,288, 1,272, 1,264, 1,248 and 1,234 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 0.04 pct.
- South Korea Q4 GDP +3.0 pct y/y (poll +3.1 pct).
- South Korea Q4 GDP -0.2 pct q/q s/adj (poll +0.1 pct).
- South Korea GDP increased by 3.1 pct annually in 2017.
- South Korea Q4 private consumption +1.0 pct q/q s/adj vs +0.8 pct in Q3.
- South Korea Q4 construction investment -3.8 pct q/q s/adj vs +1.5 pct in Q3.
We prefer to take long position on EUR/KRW only above 1,319, stop loss at 1,308 and target of 1,338/1,347.
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