The price is at the point of potential reversal. Risk of taking a short trade at this point is very less when compared to the potential reward. Divergence on chart makes the probability of trade success even better.
I was taken out of this trade at a small profit of 20 pips. I have reentered the short at 90.70. The idea is still valid.
I was able to get some nice pips out of this trade. I am waiting for the third wave of consolidation and will be re-entering this trade at 89.40. Its a good risk/reward trade to take. Here is my updated view on the trade.