The support line from the bull flag gave way (at 1.2598 currently). The 38.2% of the move up from Thursday held.  Bears 1, Bulls 1.  

The deciding vote for the day may be cast via the retracement strength or lack thereof.  Those liking the shorts will like to see the momentum down continued by staying below the 1.2603-09.  This is the 38.2%-50% of the last leg down. Other topside resistance will be eyed against the 1.2623 level. The 100 bar MA on the 5 minute chart is at this level. It also is the low from January 13th. 

For the dip buyers (or those who are long – lets remember, the buyers have pushed the price above the 100 and 200 hour MA levels and therefore do have that intermediate control), the Fibo level at the 1.25826 level is a key level to stay above.  A move below (and staying below) will next target the 1.2548-50 area where the 50% and 200 hour (green line in the chart above) is found. It is at this point where the bias is really tested.