All we need is confirmation. I like this idea to the downside, I think it's quite possible. But we need to be careful, as I think this pair has an element of surprise in it.
I am going to make a call here and say, watch the 240 and 60 min charts. Wait for a little reversal to the upside. If the buying will look very weak, then I think we can enter some SHORT positions, but with a careful stop. If the buying will be strong, then stay out of it... for now. Basically, apply common sense in here.