The euro failed to take advantage of the opportunity to start strengthening. Instead, unable to withstand pressure from the dollar, it declined sharply. This was likely due to the fact that wave y in the developing double zigzag pattern had not yet been completed.

Now the price is once again attempting to rise, and this time buyers may have a much better chance than the day before. It is quite possible that the corrective decline has finally ended, allowing the price to start moving upward with confidence.

From a risk-to-reward perspective, buying at current market levels looks quite attractive, so traders are advised to consider opening corresponding long positions.

Recommendation: BUY 1.1570, SL 1.1540, TP 1.1645.