One-month risk reversal (RR) of USD/TRY, a gauge of calls to puts, braces for the second weekly decline ahead of Thursday’s European session.

That said, the weekly figures came in as -0.100 as per the latest data from Reuters. The daily RR, however, snaps the two-day declines with a +0.025 figure.

It’s worth noting that the options market keeps a bearish bias for the USD/TRY but the charts aren’t favoring the sellers.

On the chart, an upward sloping trend line from late February, around 14.80 at the latest, defends USD/TRY bulls even if the pair failed to cross the 14.86 hurdle twice in the week.