The single currency rallied to 1.3840 and then retreated strongly to 1.3740 due to the selloff in cable suggests recent upmove has possibly formed a temporary top there and consolidation with downside bias would be seen, however, firm breach of 1.3739 (previous resistance, now support) needed to confirm and bring stronger retrace. to 1.3668/70.   
On the upside, a breach of 1.3840 would extend gain to 1.3900, however, loss of upward momentum is likely to prevent strong rise above there and yield correction later.