The pair is only trading in a 15 pips range today

As mentioned yesterday here, the pair is pretty much hugging the long-term trendline support stretching all the way back to April last year at this point. But traders are still displaying relative calm so far in the session.

The trendline support sits around 1.2260 today, so watch out for that level if we get to it later in the day.

There are large option expiries sitting between the 1.2200 to 1.2300 level, so barring any major surprises we are likely to see the pair trade between these two levels today. The dollar is also showing some form of steadiness so far, as it looks like the market is priming for tomorrow's jobs report for the next catalyst.