FxWirePro: South Korean won trades marginally lower as BOK keeps base rate steady
EUR/KRW is currently trading around 1,300 mark. Pair made intraday high at 1,300 and low at 1,295 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1,295 mark. A sustained close above…
Pair made intraday high at 1,300 and low at 1,295 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1,295 mark.
A sustained close above 1,295 will take the parity higher towards key resistances around 1,302, 1,307, 1,315, 1,327, 1,338, 1,358 and 1,380 marks respectively.
On the other side, a daily close below 1,295 will drag the parity down towards key supports around 1,289, 1,277, 1,267, 1,258, 1,246 and 1,234 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
Korea, South Oct 2018 Bank of Korea base rate stays flat at 1.5 % (forecast 1.5 %) vs previous 1.5 %.
Seoul shares open down 0.40 pct.
We prefer to take short position on EUR/KRW around 1,300, stop loss at 1,307 and target of 1,295/1,289.
