The important part in choosing the voltage for a LED or diode circuit is to make sure that:
- Voltage across the diodes are satisfied
- The recommended current is satisfied
For (1), the formula is simply
$$ V_{source} = V_{R1} + V_{LED1} + V_{LED2} $$
$$ V_{source} = V_{R1} + 2 + 2 $$
So based on this, the \$ V_{source} \$ should always be greater than 4V. The \$ V_{R1} \$ voltage is simply an offset, \$ (V_{source} - 4) \$, and this voltage doesn't matter as long as \$ V_{R1} > 0 \$ or \$ V_{source} > 4V\$ .
However, the LED current (2) is the second thing that matters, and this is where the \$ V_{source} \$ and \$ R_1 \$ will be restricted.
$$ I_{R1} = \frac{V_{R1}}{ R_1} = \frac{V_{source} - 4}{R_1 }<= 0.02 A $$
And based on this, if you apply a random Voltage above 4V, you must apply the corresponding R1 resistance so that the current will be 20mA. A higher voltage overhead means you also need a higher resistance to satisfy the 20mA current requirement and vice versa.
Take note though that applying an exact 4V as Voltage source means that the resistor voltage would be 0V and thus we cannot use any resistor to limit the LED current, so 4V is not included to the solution.
For a general solution, for any arbitrary number of LEDs, you just need to make sure that:
\$ V_{source} \$ is larger than the sum of \$ V_{LED} \$ voltages.
$$ V_{source} > \sum{V_{LED}} $$
Calculate the \$ R_1 \$ resistance so that \$ I_{LED} \$ is satisfied.
$$ R_1 = \frac{V_{source} - \sum{V_{LED}}}{I_{LED}} $$