The currency pair in question is performing quite well according to the proposed wave scenario. After forming a downward movement in the form of a simple zigzag, the price rose confidently. It is likely that the observed upward movement is forming as an impulse, with the final wave 5 still missing.

The shape of wave 4, which closely resembles a converging horizontal triangle, hints at this. If this is indeed the case, we may soon see another wave of euro strengthening against the dollar, during which a new local high will be reached.

After that, a corrective decline will begin, which is by default considered a simple zigzag.

Recommendations: BUY 1.1645, SL 1.1620, TP 1.1725.