EUR/USD Price Analysis: Euro attempting a bearish channel breakout on 4H chart

• EUR/USD teases a falling channel breakout on the 4-hour chart. 
• A breakout would open the doors to the psychological hurdle of 1.22.

EUR/USD trades near 1.2145, having rallied by 0.46% from 1.2078 to 1.2134 on Thursday, snapping a four-day losing trend. 

The 4-hour chart shows the pair is now hovering above the upper end of the falling channel represented by trendlines connecting Dec. 4 and Dec. 7 highs and Dec. 7 and Dec. 9 lows. 

A 4-hour close above the channel resistance would confirm breakout – an end of the pullback/consolidation and resumption of the rally from the Nov. 30 lows near 1.1920. The focus then would shift to the psychological hurdle of 1.22. 

The bullish bias would be invalidated if the pair finds acceptance under the former hurdle-turned-support of 1.2014 (September high). 

4-hour chart

Trend: Bullish

Technical levels