THE EUR/USD rate is composed of the Euro "base currency" and the US Dollar "quote currency".
The Euro/US Dollar (EUR/USD) exchange rate reflects the relation of the Euro trading against the US Dollar (1 EUR per x USD) . For instance, If the EUR/USD quotes at 1.5000, then 10,000 euros would equal 15,000 dollars (because 10,000 x 1.5 = 15,000). It simply means that 1 euro buys you 1.5 US dollars.
Trading Characteristics Of The EUR/USD
Most traded currency pair on the spot market (28%).
Typical forex broker spread: 1-3 pips
Most active trading sessions: London and New York
5 Year Average Daily Range: 129 pips
Who trades the Euro vs US Dollar? Central banks, financial institutions, retail traders,...
EUR/USD Forex Trading Tips:
Recommended level of forex experience: Beginner
Best trading sessions for daytraders: London and New York
Worst times to trade: Holidays and before major economic news events
Most common used EUR/USD forex charts: Daily, 4 Hour and 1 Hour