Loss of bullish short term momentum has turned the pair lower the past week and opened the door for further corrective weakness as we enter a new week. With that said, further weakness should eye the 1.5521/1.5470 levels with a break targeting its violated trendline at 1.5107. This level is expected to hold and provide support thus turning the pair higher again. On recovery, the pair should push back higher towards its big psycho level at 1.6000 with a cut through there allowing for further strength towards the 1.6274 level, its Jan 24'10 high and possibly higher. Overall, bear pressure continues to target lower level prices.
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