Looking at the of the pair it is quite evident that the pair is retracing a previous strong movement. Ideally (in my opinion), the pair should retrace to at least 1.53000 level. According to my analysis, at present, we are in the wave B -which has exhausted or will soon exhaust-of this large move. I will be waiting for this wave to end and will be taking a short position on the breakout of the inclined support line (indicated in red-dashed).
It is also very much possible that this wave has already concluded, as there was a strong signal on on Friday, just before the market closed.