Nov 29 (Reuters) - The U.S. dollar remains weak after the recent decline and remains under a major broken technical level as the week draws to a close. This could lead to even bigger losses next week.
The dollar sagged against its peers in trading thinned by the U.S. Thanksgiving holiday. A fall in U.S. Treasury bond yields has exacerbated the greenback's decline.
The USD index , which tracks the dollar against a basket of six major currencies, slumped on Wednesday to close under the 106.126 Fibo - a 23.6% retracement of the 100.15 to 108.09 (September to November) rise.
The index followed that up with another close under the 106.126 Fibo on Thursday, adding to the likelihood of a bigger drop to the 105.057 Fibo - a 38.2% retrace of the same 100.15-108.09 gain. However, if there is a failure on Friday to register a third close under the 106.126 Fibo, that would be the sign of a bear trap.
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(Martin Miller is a Reuters market analyst. The views expressed are his own)
((martin.miller@thomsonreuters.com))
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