The Linear Regression Channels Hourly Chart reveals that the EUR/USD pair has been bullish since the last week and currently is moving within the almost identical bullish channels depicted on the chart.
Today during earlier hours, the EUR/USD pair managed to break down the lower limit of the Yellow, Blue & Violet channels around 1.2325 allowing the pair to make bearish swing towards 1.2222 quickly.
Around 1.2240, there's an Intraday Support Level corresponding to previous bottom that was formed on Friday. On the other side, there is a possible Head & Shoulders reversal pattern being formed with its neck line located at almost the same price level.
Price level around 1.2325 will be a good SELL entry as it corresponds to the backside of the broken channels and the location of the expected right shoulder of the H&S pattern.
A break through 1.2395 invalidates the bearish scenario for the current time.