We present the first spectroscopic extreme-ultraviolet observations of the star EQ Peg (dM4e+dM6e) obtained during a guest observer pointing with the Extreme Ultraviolet Explorer (EUVE) satellite. EQ Peg was detected in all three spectrometer channels (70-760 Å) and was successfully monitored at the same time by the EUVE Deep Survey photometer (67-178 Å). We have identified the main features observed in the spectra and conclude that a number of lines are produced by the highest ionization stages of iron. The detections in the 280-760 Å range are mainly caused by second-order throughput, except for the He II λ304 line. Evidence of activity modulation during the observation is present in both the photometric and spectroscopic data.