EUR/USD is in a double bottom attempt as we can see in the 1H chart. It started this week failing to break below 1.2165 and instead rebounded back above 1.20. However, we can see a bit of resistance at the 1.2220 support/resistance pivot. This is indeed a key resistance, especially with the RSI at 60. We can say this is the first line of defense for the existing bearish outlook.EUR/USD 1H Chart 12/29(click to enlarge) Now, if the first line of defense at 1.2220 does not hold, we can look for another key resistance in the 1.2245-1.2255 area, which involves the 200-hour SMA and a previous resistance pivot. Let's say we get a short entry at 1.2240. We might to give some elbow space until 1.2280, which would clear last week's high. This is a 40-pip risk. To the downside a dip to 1.2165 would yield 75 pips. This trade plan thus has a reward to risk ratio of almost 2:1. We should also note that the prevailing trend is bearish, so we can expect a bias towards bearish continuation vs. bullish correction.Now, if price does break above 1.2255 and above 1.2280, then we should start considering possible support in the 1.2220 area. In other words, if we make a trade plan to sell after a break above 1.2280, we should watch limit the bearish outlook to the 1.22-1.2220 area. If 1.2220 does indeed become support, then we will have a bullish correction scenario. But until then, we should remain bearish and look for the market to sell of rallies.