Question: What is a Currency Pair?
Answer: In forex trading, all currencies are quotes in pairs. For example, in comparing the Euro Dollar(EUR) to the US Dollar(USD), you would quote the currency pair EUR/USD.
A currency pair is a set of currencies that are being quoted against each other. In a currency pair there is always a quote currency and a base currency. The first currency in the pair is the quote currency and the second currency is the base currency. When we render a forex quote for this pair, we are saying how many dollars each Euro is worth. If the quote is EUR/USD 1.31 that says 1 Euro is worth 1.31 US Dollars.