EUR/USD reverses Wednesday's tepid recovery gains, focus on PMI prints

The EUR/USD pair erased majority of Wednesday's recovery from the very important 200-day SMA and has now dropped below 1.1150 level ahead of the final Euro-zone manufacturing PMI prints. 

On Wednesday, the pair shrugged-off slightly better-than-expected ADP report, which fueled expectations of a strong headline number from official jobs report, and recovered from the vicinity of 200-day SMA support. 

Further upside, however, was capped as markets attention remains on this week's key event risk, US monthly jobs report - popularly known as NFP, which would be an important factor to evaluate the possibilities of next Fed rate-hike action in September and would be the key determinant of the greenback's momentum in the near-term. 

In the meantime, the final prints of Euro-zone manufacturing PMIs for August will be in focus during European session while weekly jobless claims and ISM manufacturing PMI would grab traders’ attention later during NA session. 

Technical levels to watch

From current levels, 200-day SMA near 1.1120-10 region remains immediate support to defend, which if broken seems to drag the pair immediately towards 1.1080-75 support before eventually dropping to the very important 1.1000 psychological mark support. 

Meanwhile on the upside, any recovery attempts now seems to confront immediate resistance near 1.1180-90 area above which the pair seems to aim towards testing 100-day SMA resistance near 1.1215 region. On a sustained move above 100-day SMA resistance, the up-move could further get extending towards 1.1300 round figure mark.