FxWirePro: South Korean won trades marginally higher on robust GDP data
EUR/KRW is currently trading around 1,313 mark. Pair made intraday high at 1,314 and low at 1,312 levels. Intraday bias remains bearish till the time pair holds immediate resistance at 1,320 mark. A sustained close above…
Pair made intraday high at 1,314 and low at 1,312 levels.
Intraday bias remains bearish till the time pair holds immediate resistance at 1,320 mark.
A sustained close above 1,313 will take the parity higher towards key resistances around 1,320, 1,327, 1,332, 1,340, 1,356, 1,377 and 1,392 marks respectively.
On the other side, a daily close below 1,313 will drag the parity down towards key supports around 1,305, 1,298, 1,291, 1,273, 1,264, 1,242 and 1,222 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 0.48 pct.
Korea, South Q1 GDP growth qq advance increase to 1.1 % (forecast 1 %) vs previous -0.2 %.
Korea, South Q1 GDP growth yy advance stays flat at 2.8 % (forecast 2.9 %) vs previous 2.8 %.
We prefer to take short position on EUR/KRW around 1,313, stop loss at 1,320 and target of 1,305/1,291.
