The single currency rallied to as high as 1.2723 last week and then retreated strongly on refinancing concerns over European banks, suggesting corrective upmove from 4-year low of 1.1876 has possibly made a temporary top there and consolidation with downside bias would be seen for weakness to 1.2500/04 and possibly towards 1.2479 support, however, break is needed to confirm this view.    On the upside, a breach of 1.2650 would prolong choppy consolidation and may bring stronger rebound, however, resistance at 1.2723 is expected to remain intact.