EUR/USD Price Analysis: 1.2177 is the level to beat for bulls

• EUR/USD’s has faced rejection at 1.2177 two times this month. 
• The 4-hour chart shows a double top pattern.

EUR/USD is trading just above 1.2150 at press time, having faced rejection at the Dec. 4 high of 1.2177 on Monday. 

On the 4-hour chart, a double top at 12177 has been confirmed with the neckline support at 1.2059. A break below that level would confirm a double top breakdown, a bearish reversal setup, and shift risk in favor of a drop to 1.1941 (target as per the measured move method).

On the higher side, the pair needs to establish a foothold above 1.2177 to invalidate the double top and keep the bullish trend going. 

The currency pair has rallied by over 550 pips since the beginning of November, despite the resurgence of coronavirus across major Eurozone economies and the dovish European Central Bank. 

4-hour chart

Trend: Bullish above 1.2177

Technical levels