A widely traded currency pair is the relation of the euro against the US dollar (EUR/USD).

What is a currency pair?

It is a currency against another currency, forex currencies are available in pairs, you cannot sell or only buy one currency, you must buy or sell a currency in another currency and this is the reason behind trading in Forex in pairs.

Example:

The currency of the European euro against the currency of the US dollar, in the language of traders these two currencies are called "the euro-dollar pair" and the symbol for this pair is EUR / USD

Second: Forex Types and Pairs:

Major Currencies

Minor Currencies

Cross pairs (crosses)

Exotic Pairs

In forex trades, it refers to the first currency in a currency pair which has the same meaning as the term "base currnecy".

Great Britain pound. Which is used pair currency for US dollar.

Pips measures the change in the exchange rate for a currency pair.

For example, currency pair that displayed with four three places, one pip is equal to 0.001.