This is confusing. The EUR/USD is now trading at 1.12, which according to Schweser, should mean that the USD is the base currency, and the EUR is the price currency, or in other words, 1 USD = 1.12 EUR. But in real life, the quotes are the opposite. It’s 1 EUR = 1.12 USD.
Am I missing anything?
I don’t think you are missing anything. The CFAI curriculm uses Price/Base. But in one of the first readings it states:
The exact notation used to represent exchange rates can vary widely between sources, and occasionally the same exchange rate notation will be used by different sources to mean completely different things. The reader should be aware that the notation used here may not be the same as that encountered elsewhere.
Yes, you are right, Schweser is bad so guide from CFAI curruculum. The correct quote would be USD/EUR = 1.12 because the base currency (EUR) is priced in terms of the price currency (USD), therefore you can read that 1 EUR costs 1.12 USD.
How I said is written in the official books and thats what will be tested. Be careful if you using 2014 schweser, even L1 2014 got that mistake.
Regards