Technical Scope: Markets see trend continuations

Technical Analysis Today: DXY, EUR/USD, Gold, & S&P 500

Welcome to today’s edition of The Technical Scope, your twice-weekly guide to the evolving landscape of global markets through the lens of technical analysis. This report focuses on pure price action, highlighting key supply and demand zones, tracking momentum shifts, and identifying potential trading opportunities. Each edition covers major assets, offering a broad view of how currencies, commodities, and equities are performing. When market conditions present interesting setups, additional instruments will also be analyzed to provide deeper insight and actionable context.

Today’s edition presents our technical analysis of the following key assets: DXY, EUR/USD, Gold, & S&P 500

Dollar Index

Daily timeframe

The Dollar Index chart reveals a powerful impulsive upward expansion following its prior consolidation phase. Price action has cleanly broken through key psychological resistance zones, turning previous ceilings into established demand levels around 100.745 and 101.165 where buying pressure continues to accelerate. Currently, the index is showing sustained bullish momentum as it drives toward higher structural levels, suggesting a potential continuation of the uptrend.

Traders should monitor for a continued move higher from this breakout area, targeting the major structural resistance level at 101.948. A successful breach of this upper boundary could signal a deeper expansion phase higher into un-tested territory.

EUR/USD

Daily timeframe

The EURUSD chart reveals a defined downward expansion following its breakdown from a major consolidation range. Price action has forcefully penetrated the structural floor represented by the gray support zone around 1.14000, where selling pressure has completely overwhelmed any remaining bids. Currently, the pair is showing signs of strong bearish continuity below this broken level, suggesting a potential continuation of the decline.

Traders should monitor for a continued move lower as long as price action stays below this invalidation zone, targeting the immediate extension levels near 1.13000. A failure by buyers to reclaim this prior support-turned-resistance boundary will likely catalyze a deeper corrective phase lower.

Gold

Daily timeframe

The Gold chart reveals a downtrend characterized by a series of lower highs and lower lows despite recent minor corrections. Price action has successfully defended its structural floor, establishing a critical support level near the last major swing low at $4,020 where aggressive buying pressure stepped in. Currently, the metal is showing signs of stabilizing and gathering renewed strength above this defense zone, suggesting a potential rotation back to the upside.

Traders should monitor for a continued move higher from this structural base, targeting the recent peak resistance zone around 4,580. As long as price action stays firmly above the last low, the broader bullish structure remains intact for an eventual continuation higher.

S&P 500

Daily timeframe

The S&P 500 chart reveals a strong overarching uptrend characterized by a series of higher highs and higher lows despite recent minor corrections. Price action has formed a floor, by establishing a support level near the last major swing low at 7,230.0 where buying pressure stepped in. Currently, the index is showing signs of weakness and losing strength above this defense zone, suggesting a potential move lower to retest this support.

Traders should monitor for a continued move lower to this structural base, targeting the recent low support zone around 7,230. As long as price action stays firmly above the last low, the broader bullish structure remains intact for an eventual continuation higher.