Despite yesterday's selloff to 1.2177 due to the selloff in global equities, the single currency managed to hold above last week's 4-year low of 1.2143 and rebounded strongly to 1.2388 on active short-covering as Dow Jones index trimmed most of early losses, suggesting further choppy consolidation inside the established broad range of 1.2143-1.2673 would continue, however, above 1.2388 resistance needed to bring stronger retracement to 1.2425/38 area, however, 1.2470 (previous support, now resistance) is expected to cap upside.    On the downside, below 1.2262 may bring weakness to 1.2220, however, only a breach of 1.2177 support would confirm medium-term downtrend has once again resumed for re-test of said low.