There exist two scenario to short this pair; (1) Short-term sell confirmed by price rejection and bat pattern and RSI divergence
(2) Long-term buy by waiting for a channel break-out and go for a trend reversal trade
The Market has been ranging for while. Looking on a higher timeframe (e.g daily), price on the high side; thus is we see a break of structure we will sell the high with targets at previous levels of structure. Check RSI for overbought and compare with market movement. Risk-to-Reward Ratio should be atleast 1:2.
Wait for the market to form double tops, wait for price to break neckline and pullback to short @ R:R of at least 1:1. Target at 0.618 level; SL above previous structure high. Confirm entry with RSI indicator.
Breakout of Inside Wedge with Pullback Confirmation of bearish movement.
Target 1 at 0.618 retracement with extended target at previous level of support.
Stop loss above previous structure resistance. Confirm risk-to-reward ratio-1:1.