We lost the head and Shoulders target of 1,13 with the violation of the neckline last week, but we still have the 55 moving average holding the upside of the prices with a target to the 200 moving average in the next couple of weeks.
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We have break the wedge pattern a couple of weeks before and now we have the possibility of forming a head & shoulders pattern with a target of 108 initially
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The pair is still consolidation for one last time befere it resumes the down trend to its target of 1,13
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Cocoa is a member of the “softs” commodity group: those that are grown, rather than mined. As a commodity, cocoa refers to cocoa beans, which are the dried seeds of the Theobroma tree – from the Greek theos, meaning “god” and broma, meaning “food.” Once used as a common currency, cocoa today is used primarily in the production of chocolate and other products, such as cocoa butter.
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The index is currently designed, maintained, and published by the commodity exchange ICE Futures U.S. It is a weighted geometric mean of the dollar’s value relative to other select currencies: Euro (EUR), 57.6% weight. Japanese yen (JPY) 13.6% weight and other currencys the rest.
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