The Flag pattern failed to reverse price to the upside on retesting due to the strong bearish pressure which pushed the pair again inside the channel below 1.0100.
Daily closure below 1.0085 (50.0% Fibonacci), that took place on Friday, opened the way towards the next support level around 1.0016-0.9995 (61.8% Fibonacci) which provided a BUY entry as expected last week.
For those who took bullish deals at 1.0016, some profits should be secured and SL should be raised to be slightly below 1.0150 to minimize the risk of a possible bearish retracement.
Looking at the 4H chart, Price zone 1.0250-1.0290 will probably be targeted in the short term. This zone stands as the next significant resistance zone.
Price Action should be watched cautiously around 1.0250-1.0290 as it will probably provide a valid SELL entry with a tight SL just above 1.0300.