Fleury's Theorem states that a connected graph can be traced in a single continuous path that uses every edge exactly once (an Eulerian trail) if and only if it has at most two vertices of odd degree. If there are exactly two vertices of odd degree, the trail must start at one of these vertices and end at the other. This theorem is closely linked to the concepts of paths and cycles, emphasizing the conditions required for traversing all edges in a graph without retracing any.