It's a quiet one in terms of market action in Europe, and understandably so. While equities are seeing some hopeful optimism, FX is rather dead with dollar pairs still sitting in narrow ranges on the day. Here's a snapshot of things currently:

FX 01-09

It's all about the US jobs report to come later today and that will be the key consideration for dollar sentiment as well as the bond market.

If there is going to be one pair to watch, I reckon it's best to keep an eye out for EUR/USD. The pair has been sitting in between its 100 (red line) and 200-day (blue line) moving averages this week and a breakout on either side will be a decisive one to break the recent stalemate:

EURUSD D1 01-09