EUR/AUD breaks trendline support at 1.4505, bias lower

FX:EURAUD   Euro / Australian Dollar
114 0 6
EUR/AUD             extends slump, breaks strong trendline support at 1.4505, bias remains lower.

ECB policy meet due later today is the major risk event for the pair. Policy is likely to be kept unchanged.

Focus shall be on the statement and the comments in President Draghi’s accompanying press conference.

On the other side, upbeat sentiment around the Asian equities to support the higher-yielding currency AUD. Higher US equities provided fresh impetus to the region’s indices.

Pair also breaks strong support at 1.4466 (Mar 10th lows). Momentum studies are bearish . 1.4348 (Dec 3rd lows) will be next bear target.

Good to sell rallies around 1.4475/80, SL: 1.4520, TP: 1.4415/1.4348
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