I would expect the price to move up, after the formation of a flag. Daily resistance and trend should be strong enough to push the price further up. Long term fundamentals I don't see any reason of why it should move down. Short term news, might shatter the pattern, but long term the direction is likely to go up. Good Luck to all of us.
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now should be already 50 pips down, still aiming for the 1.61 area - I would move SL to BE + 10 pip Profit, and ride to the Level and place a buy Limit on 1.615 (with a 30 pip SL). Best of luck.