Forex Price Quotes – Free Forex trading course for beginners – Part 8
Today lesson is about how to read forex quotes like professionals. First you should know what the format of the price quotes is? The format of the forex quotes is XXX/YYY. You should already notice that when we talked about forex currency pairs where each currency contains three characters only. The first currency in each pair is called the base currency and the second currency in each pair is called the counter currency. Do not get shocked because of the names it’s just names and we will describe the meaning of each name in this post.
The base currency is the currency that we use it to compare it with any other currencies. This means we use one unit of the base currency “i.e.:- 1 USD” to know its value in terms of the counter value. The following is some examples of the forex quotes to make you understand it right:-
- USD/EUR = 0.671772135. “This means 1 U.S. dollar = 0.671772135 Euro.”
- EUR/USD = 1.4886. “This means 1 Euro = 1.4886 U.S. dollar.”
- JPY/USD = 0.00747212146 “This means 1 Japanese yen = 0.00747212146 Euro.”
You should read the previous quotes more than one time so you understand it. After one day you will be able to understand it directly if you read it in any forex software like FapTurbo or A.I. Forex Robot without having to think about it. In the next lesson you will learn the forex pips so make sure you read it.
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