Forex prices are quoted in currency pairs and almost always to four decimal places. For example, if a forex quote is given as EUR/USD = 1.3255,
the currency on the left is termed the “base currency” while the currency
on the right is termed the “counter currency.” The base currency always
has a value of 1. In the example, the euro is the base currency while the
U.S. dollar is the counter currency. This is how we would read the forex
quote: 1 euro is equivalent to 1.3255 U.S. dollars at that point of time.