The pair is now trading below the 1.5906 level following its sharp sell off on Thursday. However, it is still holding on to most of its recovery gains from the 1.5344 level. This suggests its current  price action is corrective and should return above the 1.6056 level with a loss of there turning focus to its Dec 18'11 high. Further out, its Nov 12'10 high at 1.6183 will be aimed at with a cut through that level clearing the way for a further push towards its Nov'2010 high at 1.6298. On the other hand, on continued weakness below the 1.5906 level, further downside pressure will develop towards the 1.5718 level, marking its Jan 13'2011 low and next 1.5660 level, its Dec'2010 low. 

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