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Answer:
Well, it just represents both sides of the transaction. If you're buying something, you're exchanging something else (cash or another asset) for what you bought. If you're selling something, you're getting some other asset in return. The same applies for currency pairs. If you sell a pair, the EURUSD for example, you are selling the base currency (which is the EUR) in exchange for the counter currency (which is the USD). If you buy a pair, again the EURUSD, you are buying the EUR and selling the USD.
