The price movement of any financial market is in wave format. Suppose a currency pair is on an up-trend, going from 1.0000 to 1.1000. After reaches certain top "boundary", 1.1000 for instance, it will retrace - meaning pull back down - before resuming its initial up-trend. Fibonacci Retracements are levels at which the market is expected to retrace to after a strong trend.

Submitted by: Actionforex Posted on: April 17,2007

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