FxWirePro: South Korean won marginally lower after BOK’s statements

• EUR/KRW is currently trading around 1,196 mark.
   
• Pair made intraday high at 1,196 and low at 1,193 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1,193 mark.
   
• A daily close below 1,193 will drag the parity down towards key supports around 1,184, 1,178 and 1,163 marks respectively.
   
• Alternatively, a sustained close above 1,193 will take the parity higher towards key resistances around 1,205, 1,214, 1,228, 1,233, 1,242 and 1,252marks respectively.
   
• Seoul shares open up 0.15 pct at 2170.18.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• South Korea Central bank says Fed rate hikes could hurt South Korea’s economy; impact of gradual hikes would be limited.
   
• South Korea Central bank says monetary policy to be kept accommodative as growth gradual, inflation pressures mild.
   
• South Korea raises ratio of USD reserves to 70.3 pct in 2016 vs 66.6 pct in 2015 - Central bank.

We prefer to take short position in EUR/KRW only below 1,193, stop loss at 1,205 and target of 1,178.