Pip Value & Contract Specifications
EUR/USD has a standard contract size of 100,000 EUR per lot. One pip = 0.0001 (the fourth decimal place). Because EUR/USD is quoted in USD, and pip value is always expressed in the quote currency, 1 pip on a standard lot = $10.00. To convert to ZAR, multiply by the USD/ZAR rate: at 18.50, that is R185.00 per pip per standard lot.
| Lot Size | Contract (EUR) | Pip value (USD) | Pip value (ZAR @ 18.50) | 20-pip stop | 50-pip stop |
|---|---|---|---|---|---|
| 0.01 (micro) | 1,000 | $0.10 | R1.85 | ~R37 | ~R92.50 |
| 0.10 (mini) | 10,000 | $1.00 | R18.50 | ~R370 | ~R925 |
| 0.50 | 50,000 | $5.00 | R92.50 | ~R1,850 | ~R4,625 |
| 1.00 (standard) | 100,000 | $10.00 | R185.00 | ~R3,700 | ~R9,250 |
ZAR values illustrative at USD/ZAR 18.50. Pip value in ZAR = $10 × USD/ZAR rate per lot. Use the calculator above for live rates.
| Instrument class | Major pair |
|---|---|
| One pip | 0.0001 |
| Standard lot | 100,000 EUR |
| Value of one pip per lot | $10.00 |
| Typical spread | 1.2 pips — · FxPro verified |
| Notional value of one lot | — |
| Margin on one lot at 1:30 / 1:100 / 1:500 | — |
The last two rows move with the market and are filled in from the live rate; everything above them is fixed by the contract. Leverage available to you depends on your regulator and account type — check it in the platform before you size a position.
Position Sizing Example
Suppose you have a R50,000 account and risk 1% per trade (R500). You set a 30-pip stop loss on EUR/USD (typical for a 1-hour chart setup).
At USD/ZAR 18.50, each pip per lot = R185. The formula:
Lots = Risk ÷ (Stop pips × Pip value in ZAR)
Lots = R500 ÷ (30 × R185) = R500 ÷ R5,550 ≈ 0.09 lots
Round down to 0.09 lots. For a tighter 15-pip scalping stop: R500 ÷ (15 × R185) ≈ 0.18 lots. EUR/USD's tight spreads (typically 1.2 pip at FxPro) mean your entry cost is lower than on exotic or volatile pairs — a significant advantage for frequent traders.
| Currency | Central bank | Policy rate | What moves it |
|---|---|---|---|
| EUR | European Central Bank (ECB) | Deposit facility rate | ECB · HICP · PMI |
| USD | Federal Reserve (Fed) | Federal funds target range | FOMC · CPI · jobs data |
About EUR/USD — Key Drivers & Trading Hours
EUR/USD is the world's most heavily traded currency pair, accounting for roughly 23% of global daily forex volume. It offers the tightest spreads, deepest liquidity, and the most predictable technical behaviour of any pair — making it the default choice for new traders and algo systems alike. The pair reflects the economic divergence between the Eurozone (19 countries, ECB policy) and the United States (Federal Reserve policy).
Key drivers: ECB interest rate decisions and Lagarde press conferences (typically Thursdays, 14:15 SAST), US Federal Reserve decisions and Jerome Powell speeches (8 times per year, 20:00 SAST), Eurozone CPI and GDP data, US Non-Farm Payrolls (first Friday, 14:30 SAST), and geopolitical developments in Europe (energy prices, trade disputes). EUR/USD tends to rally when risk appetite is strong and the US dollar weakens.
Best trading hours in SAST: The London session (10:00–18:00 SAST) is the most active period for EUR/USD — this is when European institutions, hedge funds, and central banks transact. The London–New York overlap (14:30–18:00 SAST) is the peak liquidity window with the tightest spreads and highest volume. Asian session trading (02:00–10:00 SAST) has noticeably lower volume and wider ranges. For SA-based traders this pair is convenient — peak hours align with local business hours.
Spreads are tightest when two sessions are open at once and widest when one desk has gone home and the next has not arrived. The shaded band is the overlap.
Pip values sourced from ECB reference data (Frankfurter API). All values are indicative and for educational purposes — not live trading quotes. See full pip value table →
