All risk on asset classes took a beating this month, September has been historically a bad month for risk on assets. October will see a huge rebound and we need to be patient to wait for it to come. The end of downside is near!
BULL CASE It is likely that price will retest 1.166 to the downside before moving up but this fakeout could move even lower (see bear case), after this, we will ride a multi-week uptrend to the upside coming in October.
BEAR CASE A deeper fakeout to test end September 2020 and October 2020 lows could come so we need to control our risk to the downside so we can ride the larger up move.