Wave count indicates completion of 5 waves for the recent up-surge. All indicators are overbought and risk to enter long is too high currently. We haven't seen a real satisfactory retraction (to the levels of 1.206 or so). Oil is moving up (short term) and USD Index already started going down. All in all it seems like you may enter if you can stand loss of a few hundred pips, before bulls take over again. For the long term though the pair looks bullish. Currently we are waiting for a better entry position.