Hello traders, The chart of the EURUSD currency pair on the H1 timeframe shows a bearish movement, with the 120-period moving average also indicating a bearish direction as it is positioned above the price. The southward direction is confirmed by the ZigZag indicator, which shows a decrease in significant highs and lows. A downward movement is further confirmed by the hourly candle closing below the moving average at the level of 1.1660. At the moment, selling looks more favorable than buying. I plan to sell with two orders from the price level of 1.1660, taking the first profit at 1.1620 and aiming for the second target at 1.1580, with stop-loss set at 1.1690. To consider buying, the pair needs to consolidate above the price level of 1.1720. Profit-taking for buys is set at 1.1760, while stop-loss is placed around 1.1690. For a more precise entry into the sell position, it is best to use the fifteen-minute chart.
