Will Turkey get even more troubles?

Erdogan stated being against a rate hike intended to improve the Liras downfall. He rejected arguments that Turkey is in a financial crisis. These two countries have been disagreeing on some topics like interests in Syria, buying Russian defense systems, and the case of Andrew Brunson.

US President Donald Trump said that the US would double the tariffs on steel and aluminium imports from Turkey. On the other side, Turkish President Erdogan urged all Turkish citizens to sell their USD in order to strengthen TRY.

EUR/USD weakened further, breaking both of our previous support levels 1.1510 and 1.1445 which have now turned to resistances. We could see the pair aiming for the 1.1445 resistance level and even break it aiming for the 1.1510 resistance barrier. On the other side, we could see the pair may break the 1.1375 support barrier and aim lower for the 1.1301 support hurdle.