FxWirePro: South Korean won trades marginally lower as BOK cuts policy interest rate

• EUR/KRW is currently trading around 1,306 mark.
   
• It made intraday high at 1,308 and low at 1,305 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,302 mark.
   
• A sustained close above 1,312 will take the parity higher towards key resistances around 1,319, 1,327, 1,347, 1,363, 1,373, 1,410 and 1,434 marks respectively.
   
• On the other side, a daily close below 1,302 will drag the parity down towards key supports around 1,294, 1,287, 1,278 and 1,268 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• BOK cuts interest rate by 25 basis points to 1.25 pct vs 1.5 pct previous release.
   
• IMF lowers South Korea’s 2019 and 2020 economic growth forecasts by 0.6 pct point each to 2.0 pct and 2.2 pct respectively.
   
• South Korea’s Kospi was trading 0.60 point higher at 2,081.11.

We prefer to take short position on EUR/KRW only below 1,301, stop loss at 1,310 and target of 1,287/1,278.