Answer:
(1) The caller sells the base currency, the EUR, at the trader’s bid price.

Electronic Trading

 

A price taker will typically take its prices from an electronic trading platform. The price taker needs to understand the quotation page.
For this, we’ll look at:
A Typical Trading Screen
Foreign exchange can be traded on a number of platforms. Many have similar screens to the graphic shown below. Each market maker providing these quotes may add extra information which it considers to be useful to its clients.  

Identifying a Good Price

Electronic trading platforms can provide screens showing quotes from more than one price provider. Let's look at some spot quotes for GBP against USD.