One of the famous indicators named Fibonacci Retracement is based on the theory of the most talented Italian mathematician of the Middle Age.
He is called Leonardo of Pisa, known as Leonard Pisano, Leonardo Bonacci, Leonardo Fibonacci or simply Fibonacci. Fibonacci is posthumously given nickname of Leonardo and means a son of Bonacci (filius Bonacci) .
Fibonacci was born in Pisa, Italy. His father Guglielmo had a nickname Bonaccio meant “good natured” or “simple”. He was a trader and travelled around the Mediterranean area. Fibonacci grew up in Bugia, Algeria, where he learnt about the Hindu-Arabic numeral system. He continued his study further in Egypt, Syria and Greek under leading Arab mathematicians of his time. Leonardo became an amicable guest of the Emperor Frederick II, who enjoyed mathematics and science.
Fibonacci ratio known as Golden ratio is used in Financial markets as a financial indicator. This ratio, which is developed in arts and architecture and considered as the most beautiful ratio, might govern currency movement in the markets. The up and downward movement of currency rate as another nature appearances and as one of appearances in this world obeys golden ratio.
Let see technical analysis with Fibonacci Retracement.
Another technical analysis in the same chart.
