FxWirePro: South Korean won trades marginally lower after CPI, GDP data
EUR/KRW is currently trading around 1,262 mark. It made intraday high at 1,263 and low at 1,257 levels. Intraday bias remains neutral till the time pair holds key support at 1,257 mark. A sustained close above 1,257 will…
It made intraday high at 1,263 and low at 1,257 levels.
Intraday bias remains neutral till the time pair holds key support at 1,257 mark.
A sustained close above 1,257 will take the parity higher towards key resistances around 1,272, 1,277, 1,282, 1,294, 1,307, 1,315 and 1,327 marks respectively.
On the other side, a daily close below 1,257 will drag the parity down towards key supports around 1,246, 1,234, 1,218 and 1,206 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
Seoul shares open down 0.29 pct.
Korea, South Q3 2018 GDO growth qq revised stays flat at 0.6 % vs previous 0.6 %.
Korea, South Nov 2018 CPI growth mm decrease to -0.7 % (forecast -0.4 %) vs previous -0.2 %.
Korea, South Nov 2018 CPI NSA decrease to 104.73 vs previous 105.42.
We prefer to take short position on EUR/KRW around 1,265, stop loss at 1,277 and target of 1,257/1,234.
