FxWirePro: South Korean won trades marginally lower after GDP data
EUR/KRW is currently trading around 1,304 mark. Pair made intraday high at 1,304 and low at 1,302 levels. Intraday bias remains neutral till the time pair holds key resistance at 1,304 mark. A sustained close above 1,303…
Pair made intraday high at 1,304 and low at 1,302 levels.
Intraday bias remains neutral till the time pair holds key resistance at 1,304 mark.
A sustained close above 1,303 will take the parity higher towards key resistances around 1,316, 1,321, 1,338, 1,351 and 1,377 marks respectively.
On the other side, a daily close below 1,303 will drag the parity down towards key supports around 1,290, 1,277, 1,265, 1,247, 1,234, 1,225, 1,218, 1,207, 1,200, 1,194 and 1,189 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
South Korea Q2 GDP growth q/q decrease to 0.6 % (forecast 0.6 %) vs previous 1.1 %.
South Korea Q2 GDP growth y/y decrease to 2.7 % (forecast 2.7 %) vs previous 2.9 %.
We prefer to take long position in EUR/KRW only above 1,304, stop loss at 1,290 and target of 1,321/1,338.
