550 euros is around $583 which is not quite enough to build a performant desktop with new components, especially when you factor in things like a monitor.
So I would save up until you have more like 850-950 euros or more.
Also, if you build a PC, eventually you may be sorry that you can't even _try_ any PC game or virtual reality headset or anything since you don't have a graphics card. I guess you could put off buying the graphics card until later if you really want to. But you may want to consider that when you select your motherboard.
Personally I would like to have one (or maybe two) M.2 (NVMe) slots for that type of SSD which can be 2, 5, or even 10 times as fast as the regular SATA SSD since it uses PCI Express and bypasses the SATA overhead. I believe they sort of look like RAM sticks/slots but are called M.2 and have flash on them. So look for a motherboard with that. Also I would like to have 2-3 2TB HDDs in RAID for extra storage. And a nice monitor. You could spend half of your budget on a nice monitor..
If you want to experiment with deep learning or something, you will want a newer Nvidia card because things like Tensorflow and Keras don't (yet) work with AMD graphics as far as I know. And if you get a nice graphics card, wouldn't you want to at least try out GTA 5 or whatever new game a few times? You can dual boot to Linux or use Virtual Box.
Anyway I say yes but you should save up more so you can get make a nicer desktop.
Maybe you can go here https://pcpartpicker.com/ and make a careful plan and then when you are sure buy a decent chassis. When you are getting close to having enough saved then buy a motherboard that will work with all of the other components you plan. Then you can buy a CPU. I mean if you don't want to wait until you have everything saved up. But I would just want to buy nice stuff so don't try to fit it into a tiny budget.