EURUSD has been moving sideways inside a range on the hourly time frame, and it looks like support at the 1.0125 mark is holding again. This could send the pair back up to the resistance at 1.0270 next.

The 100 SMA is above the 200 SMA to confirm that the path of least resistance is to the upside or that support is more likely to hold than to break. However, EURUSD is trading below both moving averages, so these might hold as dynamic resistance levels around the 1.0200 major psychological mark.

Stochastic is on the move up to confirm the presence of bullish pressure, and the oscillator has room to climb before reaching the overbought area. RSI is also heading higher, so EURUSD could follow suit while bullish momentum is in play.

There are no major reports from both the eurozone and the US today, leaving EURUSD to take cues from market sentiment and expectations for the US NFP release.

Leading indicators, particularly the ISM surveys, have pointed to another slowdown in hiring. Analysts are expecting a 250K gain in hiring versus the earlier 372K gain, so a weaker read might mean more downside for the dollar.

Downside revisions to previous readings and a miss for the average hourly earnings report might also bring losses for the US currency.

On the other hand, a stronger than expected pickup in employment might keep dollar bulls hopeful for another 0.75% hike from the Fed, possibly spurring a breakdown for EURUSD. If that happens, the pair might be in for a drop that’s at least the same height as the rectangle pattern.

The US Challenger job cuts report is due today, but this report barely moves the needle when it comes to dollar volatility. With that, EURUSD could simply stay in range as traders await bigger moves coming from the NFP release.