Fxwirepro: South Korean Won Marginally Higher on Robust Gdp Data

  • EUR/KRW is currently trading around 1,232 mark.
     
  • Pair made intraday high at 1,233 and low at 1,230 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1,232 mark.
     
  • A daily close below 1,232 will drag the parity down towards key supports around 1,222, 1,218, 1,212, 1,208, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
     
  • Alternatively, a sustained close above 1,232 will take the parity higher towards key resistances around 1,238, 1,242 and 1,252 marks respectively.
  • Seoul shares open down 0.28 pct at 2201.72.
  • 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 Q1 GDP growth y/y increase to 2.7 % (forecast 2.6 %) vs previous 2.4 %.
  • South Korea Q1 GDP growth q/q increase to 0.9 % (forecast 0.7 %) vs previous 0.5 %.

We prefer to take short position in EUR/KRW around 1,232, stop loss at 1,238 and target of 1,227/1,222.

The material has been provided by InstaForex Company – www.instaforex.com

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