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FxWirePro: South Korean won falls drastically against euro after BOK’s interest rate decision; hits lowest level since August 3, 2015
EUR/KRW is currently trading around 1,378 mark.
It made intraday high at 1,385 and low at 1,376 levels.
Intraday bias remains bullish till the time pair holds key support at 1,336 mark.
A sustained close above 1,377 will take the parity lower towards key resistances around 1,392, 1,400, 1,408 and 1,428 marks respectively.
On the other side, a daily close below 1,351 will drag the parity down towards key supports around 1,336, 1,318, 1,307, 1,298, 1,274, 1,265, 1,244 and 1,222 marks respectively.
Important to note here that 20D, 30D and 55D EMA up and confirms the bullish trend in a daily chart.
South Korea’s kospi was trading 1.19 pct lower at 1,693.96 points.
BOK’s interest rate stands at 0.75 pct vs 1.25 pct previous release.
We prefer to take long position on EUR/KRW around 1,375, stop loss at 1,350 and target of 1,390/1,408/1,428.