FxWirePro: EUR/AUD breaks trendline support at 1.4505, bias lower

• 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 finds strong support at 1.4466 (Mar 10th lows). While resistance is located at 1.4537 (5-DMA).
   
• Momentum studies are bearish. 1.4348 (Dec 3rd lows) will be next bear target.
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Recommendation: Sell rallies around 1.4475/80, SL: 1.4520, TP: 1.4415/1.4348