FxWirePro: South Korean won trades almost flat against euro after BOK’s rate decision

• EUR/KRW is currently trading around 1,333 mark.
   
• Pair made intraday high at 1,335 and low at 1,333 levels.
   
• Intraday bias remains neutral for the moment.
   
• A sustained close above 1,334 will take the parity higher towards key resistances around 1,349, 1,356, 1,363, 1,377 and 1,390 marks respectively.
   
• On the other side, a daily close below 1,334 will drag the parity down towards key supports around 1,326, 1,320, 1,313, 1,302, 1,290, 1,277, 1,265 and 1,247 marks respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• Seoul shares open up 0.07 pct.
   
• South Korea August Bank of Korea base rate stays flat at 1.25 % vs previous 1.25 %.
   
• South Korea July industrial output growth increase to 1.9 % vs previous -0.5 % (revised from -0.2 %).
   
• South Korea July industrial output y/y increase to 0.1 % vs previous -0.5 % (revised from -0.3 %).
   
• South Korea July service sector output growth stays flat at 0.6 % vs previous 0.6 % (revised from 0.5 %).

We prefer to take short position on EUR/KRW around 1,338, stop loss at 1,349 and target of 1,326/1,313.

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