There’s a “V-Bottom” pattern, but the price is consolidating. Also, there’s a possible developing bearish pattern. In this case, the market is likely going to test the nearest support 1.2164.
Bears faced with support at 1.2222, so the price is likely going to reach the closest resistance at 1.2294. If a pullback from this level happens little later on, the market will probably test the next support at 1.2211 – 1.2194.