For traders looking to pinpoint opportunities on July 9, 2025, understanding the critical technical levels and prevailing patterns across major currency pairs is paramount. Here’s a concise breakdown of what to watch for EURUSD and GBPUSD.
EURUSD: Riding the Rising Channel
The Euro-Dollar pair continues its journey within a well-defined rising channel that began in mid-May, with its overall uptrend firmly intact. After a period of being technically overbought, the recent dip is seen as a healthy correction, with higher highs still in place.
- Key Resistance: Look for resistance around the 1.18 psychological level and the recent 4-year high of 1.1830. A break above these could target 1.19.
- Key Support: Immediate support is found near 1.1700 and a confluent zone around 1.1693-1.1696. A more significant support lies at the 1.1580-1.16 zone, which, if breached, could negate the near-term uptrend. Further downside targets include 1.1630-1.1637.
The path of least resistance remains to the upside, with buyers aiming to extend gains from current levels.
GBPUSD: Sustaining the Uptrend
The British Pound against the US Dollar is also firmly entrenched in a rising channel that has been in place since the start of the year. While the uptrend remains intact, a period of consolidation or a near-term pullback is anticipated after its strong recent performance.
- Key Resistance: The primary resistance to watch is 1.3750, a level that previously led to a sharp decline. A move above this would signal continued upward momentum. Buyers will also eye 1.37.
- Key Support: Critical support is located at 1.3560, where the 50-day Simple Moving Average (SMA) converges with the lower band of the rising channel. A break below this level could open the door for a deeper sell-off towards 1.3527-1.3528 and potentially 1.3450-1.3460.
Traders should monitor the 1.3560 level closely for confirmation of continued bullish resilience or the start of a deeper correction.
These technical levels provide a roadmap for navigating the markets today. As always, prudent risk management and continuous monitoring of price action around these key zones are essential for successful trading.
