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FxWirePro: South Korean won marginally higher against euro after BOK’s rate decision

  • EUR/KRW is currently trading around 1,237 mark.
     
  • Pair made intraday high at 1,241 and low at 1,236 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds immediate resistance at 1,242 mark.
     
  • A sustained close above 1,240 will take the parity higher towards key resistance around 1,255, 1,260, 1,269 and 1,272 marks respectively.

  • On the other side, a consistent close below 1,232 will drag the parity down towards key supports around 1,227, 1,222 and 1,210 marks respectively.
     
  • Seoul shares open down 0.72 pct at 2022.14.
     
  • South Korea’s December base rate stays flat at 1.25 % (forecast 1.25 %) vs previous 1.25 %.
     
  • South Korea’s November trade balance revised increase to 8.20 bln $ vs previous 8.00 bln $.

We prefer to go short on EUR/KRW around 1,238 with stop loss at 1,245 and target of 1,232/1,222.

  • Market Data
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