The pair keeps the stability below the previously broken bullish channel’s support, which keeps the bearish trend scenario valid, supported by the EMA50, waiting for testing the main target 1.5190.

Breaching above 1.5400 followed by 1.5485 will stop the negative expectations.

Expected trading range for today is between: 1.5190 support and 1.5485 resistance.

Expected trend for today: Bearish

The pair is providing positive trading since yesterday, moving away from the critical level 1.2970, approaching from minor resistance level at 1.3035, where breaching above this level will open the way for more intraday rise, but we notice that Stochastic reaches the overbought levels, which might make achieving more of the upside track difficult.

In general, we will depend on the price behavior according to the above mentioned levels to detect the next intraday trend, as breaching above 1.3035 will push the price initially towards 1.3145 then 1.3200, while breaking below 1.2970 will lead to resume the bearish wave that begun last week

Expected trading range for today is between: 1.2870 support and 1.3145 resistance.

Expected trend for today: Depends on the abovementioned levels

Silver price is about to finish drawing an inverted head and shoulders pattern appears when we take a closer look at the hourly timeframe chart, as the neckline is located at 23.85, which means that a breach above this level will push the price to visit the sideways’ range resistance that limits the recent trading, which was mentioned in our major technical reports at 24.60

On the intraday timeframes, we find that the pair is drawing a bearish double top formation, which its neckline is located at 1.0100, thus, a confirmed break for this level will push the price towards 1.0050 initially, and assist to reinforce our bearish overview for today.