A forex pair is a quotation of two currencies where one is exchanged for the other. The first currency is the base currency and the second is the quote currency. The price represents how much of the quote currency is needed to buy one unit of the base currency. Pairs are classified as majors, minors, or exotics based on trading volume and liquidity.
EUR/USD at 1.1050 means 1 euro costs 1.1050 US dollars. If you buy EUR/USD, you are buying euros and selling dollars, expecting the euro to strengthen against the dollar.
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