Euro Up to 1.27 or Down to 1.17??? Since August 5 the euro is within a sideways horizontal band. First, was up unfolding overlaped and choppies waves. After this, a down took place unfolding five waves down. Five waves are motives waves and mark the direction and sence of the market path. September 2, is the beginning of the first decline in five waves to 1.1899, and this is the point where we can start to divide the counting in two possible alternatives, one bullish and one bearish...(charts will help you to understand) The Blue counting labeled the low at 1.1899 as wave 5 within (A), being this a fifth fail, showing the weakness of the market and the near change in the trend. The first wave with (X) mades a high in 1.2205, and the target for the intermediate wave is between the 0.618 and 0.5 of (A), or 1.2860 as top. The Red counting labeled a double zig zag (W) with a low in 1.1867, that is being corrected by a flat wave (X), possible expanded, where A was a triple zig zag, and B wave is on way, where the first wave ((a)) down mades a low at 1.1899, and ((b)) possible ended in 1.2205. ((c)) wave have a target at 1.1750.