- The EUR / USD has faced rejection at 1.2177 twice this month.
- The 4-hour chart shows a double top pattern.
EUR / USD is virtually unchanged on the day, just below the 1.2150 region, at the start of the European session on Tuesday and having faced rejection at the December 4 high of 1.2177 on Monday.
On the 4-hour chart, a double top was seen at 1.2177 with the support line at 1.2059. A break below that level would confirm the double top, a bearish reversal pattern, with risk reversing in favor of a decline towards the 1.1941 level (target according to the measured movement method).
Looking up, EUR / USD needs to rise above 1.2177 to invalidate the double top and maintain the uptrend.
The currency pair has recovered by more than 550 pips since the beginning of November, despite the resurgence of the coronavirus in the main economies of the eurozone and the pessimistic tone of the European Central Bank.
EUR / USD 4-hour chart
EUR / USD technical levels
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