A strong sell off has seen the pair followed through lower the past week and opened the door further weakness in the new week. In such a case, the 1.5344/26 levels will be targeted with a breach setting the stage for further declines towards the 1.5296 level, its Sept'2011 low and then the 1.5122 level, its July 18'2011 low. Further down, support lies at 1.5000 level, its psycho level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Alternatively, on any recovery, the 1.5633 level, its Sept 19'2011 low will be targeted with a loss of there setting the stage for further strength towards the 1.5779 level, its July 12'2011 high. A reversal of roles as resistance is expected to turn the pair back down at that level. Further resistance stands at the 1.5995 level, its broken trendline resistance.
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