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FxWirePro: South Korean won falls against euro despite higher than expected GDP data

  • EUR/KRW is currently trading around 1,207 mark.
     
  • Pair made intraday high at 1,208 and low at 1,205 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1,203 mark.
     
  • A daily close below 1,205 will drag the parity down towards key supports around 1,200, 1,191, 1,184, 1,178 and 1,163 marks respectively.
     
  • Alternatively, a sustained close above 1,205 will take the parity higher towards key resistances around 1,209, 1,214, 1,228, 1,233, 1,242 and 1,252marks respectively.
     
  • Seoul shares open up 0.51 pct at 2166.58.
     
  • 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.
     
  • South Korea’s Q4 GDP growth q/q increases to 0.5 % vs previous 0.4 %.
     
  • South Korea’s Q4 GDP growth y/y increase to 2.4 % vs previous 2.3 %.

    We prefer to take short position in EUR/KRW around 1,208, stop loss at 1,219 and target of 1,200/1,191.
  • Market Data
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