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EUR/USD, H1 time frame:
Currently, we are quite in an interesting situation. The price is forming a bearish trend, which is the final part of the correction wave 4.
This final part is marked with a green wave [Y] (it is circled on the chart). The wave [Y] consists of blue sub-waves (W)(X)(Y) and takes the form of a double zigzag.
Analyzing the formation of wave (Y), one can see that it is a zigzag and consists of red sub-waves A-B-C. Impulse A is fully done, while correction B is now under development.
It is worth noting that correction B consists of three small sub-waves (A)(B)(C), where wave (B) is a triangle that has not yet been completed.
Judging by the internal structure of the entire correction and its markup, the bulls will no longer have the strength to form a strong and long-lasting impulse (C). In this case, the price is only expected to slightly move above the level of 1.197, i.e. above the high formed by wave (A). Subsequently, it may decline to the area of the 1.170 mark.
Therefore, we now have a good trading opportunity to sell within the level of 1.197 in order to take profits in a likely strong decline in the impulse wave C.
The most promising idea is the location of the pending sell limit order at the level of 1.197, while take profit is set at the level of 1.170.
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