Chapter-6|Electromagnetic Induction (EMI)| NCERT 12th Physics:
The current induced in bulk pieces of conductors (metallic plate), when the magnetic flux linked with the conductor, changes are known as eddy currents.
Eddy Currents are always produced in a plane perpendicular to the direction of magnetic field. Eddy current shows both heating and magnetic effect.
The direction of Eddy Currents can be given by Lenz’s Law. Their flow pattern resemble swirling eddies in water, that is why they are called eddy current. These were discovered by Faucault in 1895.