Turkey may face US sanctions after the acquisition of the Russian S-400 air defense system. The relations between the two NATO allies have worsened recently. Lira dropped heavily in response to the rumors.
Independently the European Union has prepared sanctions on Turkish individuals in response to the energy dispute with Greece and Cyprus. Harsher steps by Brussels are expected to come in March.
Take a look at our analysis. In the second part of this post, we also take a closer look at EURUSD, which is showing some interesting trading opportunities too.