The euro deemed the achieved growth sufficient and simply ceased taking action to advance further. The dollar immediately took advantage of this and put strong pressure on its opponent, leading to a significant decline in the trading pair under consideration.

Apparently, the corrective growth in the form of a zigzag has completed. The fourth and fifth waves of the impulse forming part of wave c of (y) turned out to be small and formed quickly, while the smooth decline that followed ultimately developed into an impulsive decline.

Now, the price is likely to continue pushing lower, not immediately, but after a small corrective bounce. Overall, a prolonged impulsive decline is expected, so it is recommended to shift perspectives from bullish to bearish.

Recommendations: SELL 1.1575, SL 1.1600, TP 1.1500.