EUR/USD Morning Technical Report 11/12/2013

The pair failed to stabilize above 1.3775 despite trading above it for a while indicating the possibility of completing the double technical harmonic formation represented in the bearish harmonic Bat Pattern, where CD Leg is similar to the harmonic AB=CD Pattern. Stability below 1.3775 keeps the harmonic formation valid, which means there is a possibility of entering a bearish correction. Stochastic is negative and RSI is showing overbought signals, whereas the pair has to break 1.3705 to confirm the beginning of a downside move and cancel the positive signals on Linear Regression Indicators.