FXstreet.com (Barcelona) - The European currency has been trading in an upward trending support line for the last one and a half weeks, after bottoming at 1.2456 in Mar 3, furthermore, during the last three days the EUR/USD support line has steepened, and the pair has reached level right below 1.3000.

According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, a weekly close above 1.2965 could increase bullish momentum: Slow work but breaking above the downward-sloping 'wedge' formation. Yesterday's close well above the trendline and 26-day moving average should add some much-needed bullish momentum, where a weekly close above 1.2965 should help things move up too.