The second scenario would obviously be a reversal at the darker channel and go towards the bottom boundary of the . From here, it could retest the darket channel again and break out - or the darker channel becomes the larger factor and ultimately breaks to the down side.
I am only willing to trade the break out to the upside or the break out to the downside on this pair. Let me know if you have any opinions on this pair as well. I have seen several different patterns with this pair so far.