Long Position
Short and long roles may be combined in the same job description. When a trader resells the currency they purchased at a higher price than they paid for it, they are said to have "closed" their long positions.
If you were to take a long position in the euro, a single euro would cost you $1.1918. As a result, you should hold onto your stock for as long as the price rises before selling it at a profit.
Short Position
After selling a currency with the expectation that its value will fall, a trader is in a short position when they buy the currency back at a lower price after its value has fallen. When a trader purchases to cover a short position, the trader's short position is said to be "closed" (ideally for less than he or she sold it for).
If you believe the Euro's value will fall against the dollar, you can start a short position in the currency pair by selling one Euro at 1.1916 US Dollars.
You anticipate a drop in the value of the Euro and intend to repurchase it at a lower price.