Answer:- In currency pair, small unit change in quote price. that is pips.
Most of currency pair having 4th decimal place is equal to 1 pip and some of currency pair having 2 decimal place is equal to 1 pip. Some of brokers also having the currency pairs unit show 5 and 3 decimal places .
EUR/USD –market price is bid and ask price EUR/USD=1.1722,it means 1EUR value is 1.1722USD.suppose after 1 day prices changes EUR/USD=1.1725,it means 1EUR is value is 1.1725
Price changes from 1.1722 to 1.1725 ,it means 0.0002 – 0.0005= 3pips
Real market trading ,you should calculate the pips value, I mention general formula for calculating the pip value, use this formula and you evaluate any currency pair pip value.
Note: you can get trade size ,while trading for standard lot-unit 100,000 and mini lot-unit 10,000 and micro lot-unit 1000
For standard 1-lot
=$8.53 nearest equal to $10
You can get in every currency pairs pip value by using my given formula.