Decoding the Pair: Base, Quote, and the UnitBefore you can analyze a chart, you must understand what the numbers actually represent. A curre

Decoding the Pair: Base, Quote, and the UnitBefore you can analyze a chart, you must understand what the numbers actually represent. A currency pair is simply an exchange rate that tells you how much of one currency you need to buy another. In the notation EUR/USD, the first currency is the base currency, and the second is the quote currency. Think of the base currency as the item you are buying and the quote currency as the price you pay for it. If EUR/USD is trading at 1.1000, it means one Euro costs 1.10 US Dollars. When you buy this...