This pair is tad slow but I’m looking at a short for the pair if it meets some requirements on my trading style.
I’m looking for a confirmation first on the 30 minute chart where the candle should cross the 200EMA line and with the MACD showing a reverse to the down side, followed by entry on the 1hr chart with the same prerequisites.
Also noting that the Bolinger Band is consolidating and about to breakout. I’m placing a Sell Stop on this pair.
Sell Stop at 1.6556
Stop Loss at 1.6576
Take Profit at 1.6510 or more. Just move SL to breakeven when appropriate.
If it Sell Stop doesn’t trigger, close it when the trend moves on a different direction. Like PeterB and the rest advised, remember never to risk more than 1% per trade or just use very small lots.