FxWirePro: South Korean won trades marginally lower against euro as BOK keeps base rate unchanged
EUR/KRW is currently trading around 1,301 mark. Pair made intraday high at 1,301 and low at 1,296 levels. Intraday bias remains bullish till the time pair holds key support at 1,296 marks. A sustained close above 1,396 w…
Pair made intraday high at 1,301 and low at 1,296 levels.
Intraday bias remains bullish till the time pair holds key support at 1,296 marks.
A sustained close above 1,396 will take the parity higher towards key resistances around 1,305, 1,316, 1,321, 1,338, 1,351 and 1,377 marks respectively.
On the other side, a daily close below 1,296 will drag the parity down towards key supports around 1,277, 1,265, 1,247, 1,234, 1,225, 1,218, 1,207, 1,200, 1,194 and 1,189 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
South Korea July BOK base rate stays flat at 1.25 % (forecast 1.25 %) vs previous 1.25 %.
Seoul shares open up 0.58 pct and hits record-high at over 2,400 points.
We prefer to take long position on EUR/KRW around 1,300, stop loss at 1,295 and target of 1,316/1,338/1,346.
