Despite yesterday's brief drop to 1.3451, the single currency staged a strong rebound to 1.3604 after holding above last Friday's low of 1.3443, suggesting further choppy consolidation would be seen, however, a breach of 1.3692 resistance is needed to bring stronger retracement of medium-term downtrend to 1.3730.  
  
On the downside, below 1.3517 would signal recovery from 1.3451 is over and yield possible resumption of decline to 1.3443, however, loss of momentum should limit downside to 1.3398/05.