Although the single currency retreated strongly from Tuesday's high of 1.2355 to 1.2175 yesterday, subsequent rally due to the sharp rise in global stock markets suggests the choppy consolidation above this week's 4-year low of 1.2155 would continue and another bounce to 1.2355 resistance is still likely, however, break is needed to bring a stronger retracement of recent decline to 1.2420 but resistance at 1.2454 should remain intact.    On the downside, only a daily close below 1.2175 would abort near term bullishness on euro and signal medium-term downtrend has resumed instead, yield re-test of said low and then one more fall to 1.2060/63.