A pip is the unit of measure a trader uses for the smallest value changes in a currency pair’s exchange rate. In forex trading, can also be used to reference profits or losses since a pip’s value can differ according to the leverage a trader uses. The standard Lot size is 100,000 units. Units referred to the base currency (EUR). Therefore 1 Lot or 100,000 units worth 100,000 EURs. For instance, if the EUR/USD moves by ten pips, from 1.11596 to 1.11696, 10 pips would be worth 8.96 (EUR).