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FxWirePro: South Korean won trades marginally higher on robust GDP data

  • EUR/KRW is currently trading around 1,292 mark.
     
  • It made intraday high at 1,295 and low at 1,291 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds immediate resistance at 1,294 mark.
     
  • A sustained close above 1,294 will take the parity higher towards key resistances around 1,302, 1,323, 1,347 and 1,363 marks respectively.
     
  • On the other side, a daily close below 1,282 will drag the parity down towards key supports around 1,274, 1,265 and 1,244 marks respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • South Korea’s GDP q/q stands at 1.2 pct vs 0.4 pct previous release (expected 0.8).
     
  • South Korea’s GDP y/y stands at 2.2 pct vs 2.0 pct previous release (expected 1.9).
     
  • South Korea’s kospi was trading 0.33 pct higher at 2,247.76 points.

We prefer to take short position on EUR/KRW around 1,293, stop loss at 1,297 and target of 1,282/1,274.

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