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Two possible euro trades on ECB decision day

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How should you be trading the euro given the market focus this Thursday is clearly on the ECB and its policy announcements this Thursday? Saxo Bank's Head of FX Strategy, John Hardy, assesses two different possible scenarios and comments on what he's expecting later today from President, Mario Draghi.
If we see extensive detail about the coming asset-backed securities programme and more sharp rhetoric on inflation, John can clearly see EURUSD falling to the 1.30 level. However, if the market's disappointed, there could be a euro squeeze which could lead to considerable volatility. Being long EURAUD could be an interesting trade to consider.