FxWirePro: South Korean won trades marginally lower against euro after BOK’s interest rate decision
EUR/KRW is currently trading around 1,281 mark. Pair made intraday high at 1,282 and low at 1,279 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1,279 mark. A sustained close above…
Pair made intraday high at 1,282 and low at 1,279 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1,279 mark.
A sustained close above 1,279 will take the parity higher towards key resistances around 1,289, 1,296, 1,302, 1,313, 1,327, 1,338, 1,347, 1,355, 1,363, 1,377 and 1,390 marks respectively.
On the other side, a daily close below 1,279 will drag the parity down towards key supports around 1,273, 1,264, 1,253 and 1,234 marks respectively.
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.
Korea, South Nov 2017 BOK base rate increase to 1.5 percent (forecast 1.5 percent) vs previous 1.25 percent.
Seoul shares open down 0.43 pct.
We prefer to take short position on EUR/KRW only below 1,279, stop loss at 1,293 and target of 1,264.
