Google Panda is launched mostly to target websites with low quality content, for example tiny niche site such as sniper site wih 600- 1k word's single page with several affiliate links on it, also sites with duplicate content, also sites that have more pages with poor quality content...

Google Penguin was mostly targeting web spam, the sites which do not follow the quality guidelines of Google are penalized and drop the search engine rankings, sites that used techniques such as: keyword stuffing, sites that was getting links from spam blog's using exactly matching anchor text for targeted keywords, exact match anchor text in outbound links coming from poor quality sites, links from low quality directory listing with over used anchor text, links from poor spun content....

Look at it this way Panda is mainly on page and Penguin off page. Panda includes pages that should be on your site like disclaimer etc, load speed, ad placement, font size and many more factors. Penguin is the quality of your backlinks including keywords and having links from relevant sites in your niche plus other factors. I hope this helps.

thanks for your replies but one more thing will you explain what is above the fold updates...

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Google panda is a new algorithm of google. Google has a ranking algorithm, a recipe that assesses many factors to decide how pages should rank. Google can — and does — change some parts of this ranking algorithm and can see instant (though likely minor) effects by doing so. This is because it already has the values for some factors calculated and stored.
For example, let’s say Google decides to reward pages that have all the words someone has searched for appearing in close proximity to each other. It decides to give them a slightly higher boost than in the past. It can implement this algorithm tweak and see changes happen nearly instantly.

Google Penguin is the latest update made by Google to penalized or prohibited the over optimized websites or blogs. In this update who use the black hat or any other short tricks to getting the results fast are punished by the Google. Only those who use the White hat or ethical way for getting the results are survive in this update.

Here is a link to understand what exactly Google Panda and penguin is
What's the difference between Google Penguin and Google Panda? [Infographic] | Search Strategy

about recovery it's a long story and we can explain in few lines. You must start research about it Since It's been more than 1 years to these udpates

Google panda and penguin are google ranking algorithm that was first released in February.Google panda aim is to lower the rank of lower quality sites and return the high quality sites to top of search results.this change affect the ranking of 12 percent of all search results.It emphasis more on fresh data.It focus on the date of page.
Its latest version is 3.9released on 25 july 2012

Penguin - It aim is to decrease ranking of websites that violate Google web master guidelines that mean using black hat techniques like cloaking,keyword stuffing,duplicate content.
It more emphasis on quality link.Don't use same anchor text.
Main target of penguin is to check web Spam.