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…
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.
