This is an interesting pair and one that is difficult to forecast at the moment. If we look at the monthly charts, it would be very easy to open a sell order, and wait for the profits to build up. However, on this pair I am going to suggest a contrarian approach. At some point after such a long period of falling prices, buyers will enter the market. Maybe not quite yet, but at some point soon – after all, we are all looking at the same charts!! If you scroll back to November 2005, you can see quite clearly on the charts, the bullish engulfing candle on the week, followed by a big run up in prices. I am expecting a similiar thing to happen again, but you have to wait for the signal to appear and then for confirmation. On the daily chart this signal did appear back on the 11th June, but it was not confirmed.
So my suggestion would be to wait on this trade for a bullish signal, or doji signal in the weekly charts. Once this appears then it is time to trade on the long side and take some pips on the way back up.