FxWirePro: South Korean won trades marginally lower despite robust industrial production data
EUR/KRW is currently trading around 1,307 mark. Pair made intraday high at 1,310 and low at 1,305 levels. Intraday bias remains slightly bullish till the time pair holds immediate support at 1,305 mark. A sustained close…
Pair made intraday high at 1,310 and low at 1,305 levels.
Intraday bias remains slightly bullish till the time pair holds immediate support at 1,305 mark.
A sustained close above 1,305 will take the parity higher towards key resistances around 1,315, 1,332, 1,340, 1,356, 1,377 and 1,392 marks respectively.
On the other side, a daily close below 1,305 will drag the parity down towards key supports around 1,299, 1,290, 1,273 and 1,264 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
Seoul shares open up 0.73 pct.
Korea, South Feb industrial output growth increase to 1.1 % (forecast -0.5 %) vs previous 0.9 % (revised from 1 %).
We prefer to take short position on EUR/KRW only below 1,305, stop loss at 1,315 and target of 1,273.
