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 Fibonacci retracements are a key component of technical analysis used bytradersto identify potential support and resistance levels in the market. These retracement levels are derived from the Fibonacci sequence, a mathematical series with significant applications in various natural phenomena. In currency trading, these levels are widely watched and can act as self-fulfilling prophecies, leading to price reactions when they are approached or breached. The primary Fibonacci retracement levels used in technical analysis are... more