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A limit order is an instruction to buy or sell at a specified price. A buy limit is placed below the current market price, and a sell limit is placed above it. The order is only executed when the market reaches the specified price level. Limit orders give you price control but are not guaranteed to fill if the price never reaches your level.
EUR/USD is trading at 1.1050. You want to buy at 1.1000, so you place a buy limit order at 1.1000. If the price drops to that level, your order is triggered and executes at the next available price, which is usually your limit price but cannot be guaranteed in a fast market.
