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Welcome to the Forex for Beginners course.
As a reminder the course is aimed for complete beginners.
I tried to keep the lessons short and to the point giving out clear examples and videos where required.
Lesson 7. How to interpret Prices of Currency Pairs:
How can you read and interpret the price quotes shown by brokers? Lets see how…
Currency are always quoted as follows:
EUR/USD = 1.2845
EUR in this case is called the Base Currency
USD is called the Counter Currency
So,
EUR/USD = 1.2845 means 1Euro(€) is equivalent to 1.2845 US Dollars ($)
Similarly,
USD/CHF = 1.1054 means 1 US Dollar($) is equivalent to 1.1054 to Swiss Franks
USD/JPY = 108.34 means 1 US Dollar($) is equivalent to 108.34 Yen(¥)
Notice that I am quoting the prices with 4 decimal places.
There are many brokers that quote their price in 5 digits format – and this really confuse me.
I always ignore the last decimal point. 5 Decimal point price shows up like this:
EUR/USD = 1.28452
Notice also that the Yen is quoted with 2 or 3 decimal places like 86.36 for USD/JPY pair.
It is the only currency with 2 or 3 points.
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Thanks For Reading,
@lordoftruth
Samer
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