For the current consolidation ascending inside the channel to break, it would be favorable for the weekly candle to break convincingly after which a slight retracement is required before going SHORT on this pair!
There is one more catch to this trade. have a look at the attached image above which shows the monthly TF picture of this pair confined in a long term triangle which has been respected on numerous occasions. So therefore we not only await for the weekly candle to close below the but most importantly we must see the monthly candle close outside this triangle. If this all criteria are met, its an excellent chance to go SHORT on this pair!
This just represents my analysis and outlook of this pair at the moment. shall the trade criteria be met i will post the details in a new post. Cheers