The EUR/TRY represents the currency pair trading the Euro against the Turkis lira, an interesting but challenging pair to trade in the forex market. The Euro is the second most popularly traded currency among forex traders worldwide and enjoys the status of being a reserve currency, next only to the US dollar. This is because the Eurozone economy is considered one of the most stable, developed economies globally. The EUR is the official currency in use across 17 of the 27 member nations of the European Union.On the other hand, the TRY is the official currency of Turkey, and has the distinction of being among the least valuable currencies in the world in previous occasions, although it has undergone several rounds of revaluation since then. Through the years, the Turkish lira has been pegged to the British pound, French franc and even the US dollar, which have since been removed.The exchange rate of the EUR/TRY currency pair has experienced considerable volatility owing to high inflation and political and economic uncertainty in Turkey. The volatility of the currency TRY has reduced significantly since the central bank stepped in with managing interest rates and monetary policy effectively to ensure that its value stabilizes.