A very basic question but I thought I ask to confirm that my understanding is correct. Sorry if you find that this very basic.

When they (i.e. the brokers) quote EUR/USD Ask = 1.3316 =gt; This mean that I can BUY 1 Euro for 1.3316 USD.

Now if I wanted to buy USD for EUR (USD/EUR), I can get that price by looking at 1/(EUR/USD Bid). So, continuing with the above example, if they quote EUR/USD Bid = 1.3313, then mean that if I wish to BUY 1 USD, I can get it for

_______ = 0.751145

0.751145 EUR. Is my comprehension of Bid and Ask correct for FX?