Equilon FXBase and quote
In EUR/USD, EUR is the base currency and USD is the quote currency. A hypothetical rate of 1.1000 says that one euro is priced at 1.10 US dollars. The two currency codes are not interchangeable: they define the units of the number.
What an upward move means
If that rate rises from 1.1000 to 1.1200, one euro buys more dollars. The euro has appreciated relative to the dollar over that comparison. That sentence describes a relative movement; it does not tell you why it happened.
1.1000 → 1.1200One euro is now priced in more dollars.
Reverse the quotation
The reciprocal quote answers the reverse question. At EUR/USD 1.1000, the mathematical reciprocal is USD/EUR 1 ÷ 1.1000, or approximately 0.9091. Real dealing quotes also include a spread, so a screen’s buy and sell prices require more care than simply inverting one displayed number.
The quote is not the whole trade
Before interpreting an execution, identify the side, the available amount and the costs. A best visible price does not establish how much is available at that price. The market-depth experiment illustrates that distinction with a fixed, simplified order book.
Reference & further reading
Equilon FX · Educational guide · 25 September 2026. Examples are hypothetical. Editorial notes.