EUR/USD trims gains, trading with minor strength at 1.1165

Having posted a session high at 1.1183, the EUR/USD pair erased majority of its gains as bulls seemed unimpressed with economic releases from the Euro-zone.

The final print of composite Euro-zone services PMI came-in slightly lower-than the flash version and shrugged-off better-than expected retail sales and Sentix Investor Confidence data. 

Currently trading around 1.1165-60 band, the pair earlier rose as the greenback traded broadly lower amid diminishing expectations of an eventual Fed rate-hike action in September following Friday's dismal monthly jobs report from the US. However, investors still seemed convinced that the Federal Reserve still remains on track to raise interest-rates at least once during this year, which eventually restricted further upside for the pair.

Going forward, trading during US session is likely to remain thin on the back of a bank holiday in observance of Labor Day as markets now turn their attention to this week's key event risk, the ECB monetary policy decision on Thursday, which would provide fresh impetus for the pair's near-term direction.

Technical levels to watch

From current levels, 1.1150 remains immediate support to defend, which if broken decisively has the potential to drag the pair immediately towards 200-day SMA support near 1.1125-20 region before the pair extends its slide to 1.1080 intermediate support. On the flip side, momentum back above session high resistance near 1.1180 area seems to confront a strong resistance at 100-day SMA near 1.1210-15 region above which the pair seems all set to surpass Friday's swing high resistance near 1.1250 and aim towards reclaiming 1.1300 handle.