Forex News January 29, 2022

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The three main indices end the week higher.
The Nasdaq ends little higher, but that’s good enough for a positive week.
The three major indices (Dow, S&P, and Nasdaq) rode a wave of purchasing higher on the day, finished at highs, and reversed the week’s losses.
The Dow, S&P, and Nasdaq all had their best day of the year
The Dow and S&P posted their first weekly gains in four weeks
The NASDAQ posted its first weekly gain in five weeks
Dow industrial average rose 564.67 points or 1.65 percent to 34725.46
S&P index rose 105.36 points or 2.44 percent to 4431.86
NASDAQ index rose 417.80 points or 3.13 percent to 13770.58
The Russell 2000 increased by 37.22 points, or 1.93 percent, to 1968.51
The Dow industrial average gained 1.34 percent for the week.
The S&P 500 index increased by 0.77 percent.
The NASDAQ index gained 0.01 percent (good enough to have its first weekly gain in five weeks)
The Russell 2000 finished last week at 1987.91 and is currently trading at 1968.51. It plummeted 19.4 points, or 0.97 percent, for the week.
The small-cap index is still down 19.4 percent from its November 8 peak closing. However, today’s low price of 1901.35 came within 12 points of the 38.2 percent retracement of the run up from the March 2020 bottom before rebounding higher.

Dip buyers can’t lift the EURUSD any higher from its lows. Sellers retain control until the transaction is completed.
The EURUSD is expected to maintain its negative tendency throughout the weekend.
According to the four-hour chart above, the pair dipped below the 2021 low (from November) during yesterday’s trade at 1.11853. The corrective advance from today’s low of 11207 could only reach a high of 1.1173 before reversing to the downside. The current price is 1.11413.
Unless and until the market can rise above that level and then reach the 38.2 percent retracement of the move down from the Wednesday swing high at 1.1193, the sellers will stay in solid control.
Move above, and there would still be more work to be done, but the purchasers would have had some corrective success to the upside.
The next negative objective is the 1.1100 level, followed by a swing range between 1.09806 and 1.1018 if there is additional selling in the next trading week.

The wobble in the previous hour has been eliminated
The volatility in markets has continued. There was an air pocket in US stocks an hour ago, but they soon rallied, and the S&P 500 is currently at the day’s highs, up 64 points to 4390.