EURUSD Channel Breakout or Reversal

OANDA:EURUSD   Euro / U.S. Dollar
Ascending bullish candle formation currently favors the upside, but tax cut passage along the November high line could dramatically reverse course.

For Longs: look for break above 1.1850. Take profit on the September-November high line at 1.19 (+50p)

For Shorts: look for a move below the ascending line and a break below 1.1840. Target the April-September low line at 1.1770 (+70p) or the demand zone at 1.1730 (+110p)