For sure market over extended and requires proper correction. it does not change the over all trend, which is below 1.1800 at one point. However, expected move is first correct back 1.2650 (short-term), and for MT likely near 1.2887.
For no BUY @ 1.2300-1.2340 and add below 1.2275. Profit order 1.2637 (ST).