Notoriously one of the least stable currencies in the world, the TRY is not a major currency in this pair, which means that the pair itself is not a major. The EUR on the other hand is a major indeed. The second most traded currency of the world, and the national currency of more than 21 countries, it is the very definition of a major.
The EUR
Introduced in 1999 the EUR has quickly become one of the biggest, most popular and most traded currencies in the world. Representing the most ambitious attempt at a currency union in history, the EUR is the official currency of the Eurozone, currently comprised of 21 countries. 6 more countries are bound by treaty to eventually join the EUR too, although for the time being, nobody seems to be in a hurry to make a move on this front.
The weaknesses of the EUR have been laid bare by the 2008 financial crisis and the years that followed.
The TRY
First introduced in 1844, the Turkish Lira spent more than a century on the gold standard and pegged to various currencies, like the USD and the French Franc. When it became floating in 1960, it began losing value at a staggering rate, eventually reaching the point when a USD was worth some 1.3 million TKY. In 2007, a new version of the currency was introduced, which has held its value for the most part since.
The Turkish economy is powered by agriculture and food products.
EUR/TRY Analysis
One of the factors the TKY is most exposed to these days is political instability in the country. Though Turkey was interested in joining the EU and eventually adopting the EUR, it looks like those hopes have been permanently dashed, so the TKY is indeed here to stay.