EUR/USD slides to session low ahead of US manufacturing PMI

A fresh bout of US Dollar buying interest seems to have emerged during early US trading session, with the EUR/USD pair drifting towards the lower bound of daily trading range.

Currently trading around 1.1120-25 band, the pair has been struggling for direction and refrained from building on to Friday's strong recovery gains led by easing concerns Deutsche Bank concerns. Even the final print of Euro-zone manufacturing PMIs for September, which was mostly in-line with consensus estimates, failed to provide any impetus and the pair remained confined in a narrow trading band. 

The release of US ISM manufacturing PMI would now be looked upon for some near-term momentum play. However, this week's key event risk for the pair's near-term direction would be the US monthly jobs report, popularly known as NFP.

Technical levels to watch

A follow through weakness below 1.1215-10 immediate support, leading to a subsequent drop below 1.1200 handle, should drag the pair back towards 100-day SMA support near 1.1180 region before eventually heading back to the near-term trading range support near 1.1160 region, marking the very important 200-day SMA.

Meanwhile on the upside, momentum above 1.1250 immediate resistance might continue to confront strong hurdle near 1.1275-80, which if conquered should lift the pair immediately towards 1.1300 handle and open room for further near-term upward trajectory.