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Advice on Winning Euro Cup 2 ?!? (FM20)


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Hi, I was wondering if anyone of you have won the Euro Cup 1 or 2 recently and have any advice on how you managed to do so. 
I am managing Waterford F.C. who spends 1.47 Million in salary per year and has 1537 avg attendance. I am currently spending less than a quarter of the wage budget(140K out of 500K per Month) so I have room to improve, but I dont know what I should do with the money, and it wont last with the income the club has anyways.

1. Do you have any suggestions for what league/nation/team who has a good chance of winning it? Who has you won it with yourself? Keep in mind that I need to not qualify for European Champions Cup or Euro Cup 1.

2. Do you think I can possible win with Waterford F.C. ?  -How should I strenghten the team in order to win?
I use 4-2-3-1 Wide and 4-2-4 Wide, depending on if my AMC or my second Striker is ready to play
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Im my last attempt I lost in the Semi-Finals (3-4 after 2 matches) to Levante (Spain) who spends 57 Million in salary per year.
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My striker set a new record for number of goals scored in a season in Euro Cup 2 with 17 goals.
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In terms of nations poland imo is decent enough after a few seasons to have clubs winning it, I mean if the ai can win it with them surely you can too? usually it's Legia, Lech, Raków and sometimes some others

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