FOREX quotes are expressed in pairs of two currencies in the following form.
Base Currency/Quote Currency : Price
-The Base currency is written on the left while the Quote currency on the right
-The price represents how much of the quote currency you can buy with 1 unit of the base currency
– How much of the quote currency is required to sell in order to buy one 1 unit of the base currency
In the image above
EUR is the Base
USD is the Quote
1 EUR buys 1.3024 USD
1.3024 USD can Buy 1 EUR
Abbreviations: Bellow you can see the most commonly used currencies with their abbreviations
Currency Pairs: As previously mentioned Forex rates are expressed in pairs of 2 currencies. Bellow as the most commonly traded currency pairs , known as the Majors.