The single currency fell sharply from yesterday's high of 1.2398, suggesting the decline from last week's top of 1.2490 to retrace upmove from 4-year low of 1.1876 remains in progress and further weakness to 1.2117 would be seen, however, price would hold well above 1.2045 support and bring rebound later.    On the upside, only a breach of 1.2290 would abort current bearishness and signal pullback is over, bring rebound to 1.2350.