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.

Omkar Godbole FXStreet Contributor

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

EUR/USD

Overview
Today last price	1.2161
Today Daily Change	0.0014
Today Daily Change %	0.12
Today daily open	1.2147

Trends
Daily SMA20	1.2003
Daily SMA50	1.1867
Daily SMA100	1.1834
Daily SMA200	1.146

Levels
Previous Daily High	1.2177
Previous Daily Low	1.2116
Previous Weekly High	1.2166
Previous Weekly Low	1.2059
Previous Monthly High	1.2003
Previous Monthly Low	1.1603
Daily Fibonacci 38.2%	1.2153
Daily Fibonacci 61.8%	1.2139
Daily Pivot Point S1	1.2116
Daily Pivot Point S2	1.2086
Daily Pivot Point S3	1.2055
Daily Pivot Point R1	1.2178
Daily Pivot Point R2	1.2208
Daily Pivot Point R3	1.2239

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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