FX.co ★ EUR/USD analysis for November 01, 2021 - Key price gap zone on the test

Technical analysis:

EUR has been trading upside this morning towards the 1,1575but I see potential for the downside continuation due to strong downside breakout from Friday.

Trading recommendation:

Due to the strong breakdown in the background and strong supply, my advice is to watch for selling opportunities near the resistance.

Key resistance zone is set at 1,1575-1,1619

Watch for selling opportunities with the downside targets at 1,1540 and 1,1420

Stochastic oscillator is showing overbought condition, which is sign that downside might be in the play later today.