The confident rise of the euro against the dollar at the end of last week was followed by a sharp decline, which may serve as a warning signal for buyers. At the moment, this movement is considered part of the ongoing correction caused by the development of wave 4 in a forming upward impulse.

In the near future, we may see something similar to what is schematically shown in the attached chart. The price may attempt to rise, and upon reaching or almost reaching the high set by wave 3, it may turn downward again, forming a zigzag or one of its complex variations. Thus, a cautious approach to buying can now be considered.

Recommendation: BUY 1.1660, SL 1.1650, TP 1.1715