Matthew 25:5: "'As the bridegroom was delayed, they all became drowsy and slept.'"
Matthew 25:13: "'Watch therefore, for you know neither the day nor the hour.'"
Matthew 26:41: "'Watch and pray that you may not enter into temptation. The spirit indeed is willing, but the flesh is weak.'"
1 Thessalonians 5:5-9: "5 For you are all children of light, children of the day. We are not of the night or of the darkness. 6 So then let us not sleep, as other do, but let us keep awake and be sober. 7 For those who sleep, sleep at night, and those who get drunk, are drunk at night. 8 But since we belong to the day, let us be sober, having put on the breastplate of faith and love, and for a helmet the hope of salvation. 9 For God has not destined us for wrath, but to obtain salvation through our Lord Jesus Christ"
Revelation 16:15: "('Behold, I am coming like a thief! Blessed is the one who stays awake, keeping his garments on, that he may not go about naked and be seen exposed!')"
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The text is public domain:
Rise, my soul, to watch and pray;From your sleep awaken!Be not by the evil dayUnawares o'ertaken;For the foe,Well we know,Is a harvest reapingWhile the saints are sleeping.Watch against the devil's snaresLest asleep he find you;For indeed no pains he sparesTo deceive and blind you.Satan's preyOft are theyWho secure are sleepingAnd no watch are keeping.Watch! Let not the wicked worldWith its lies defeat youLest with bold deceptions hurledIt betray and cheat you.Watch and seeLest there beFaithless friends to charm you,Who but seek to harm you.Watch against yourself, my soul,Lest with grace you trifle;Let not self your thoughts controlNor God's mercy stifle.Pride and sinLurk within,All your hopes to shatter;Heed not when they flatter.But while watching, also prayTo the Lord unceasing.God protects you day by day,Strength and faith increasing,So that stillMind and willShall unite to serve HimAnd forever love Him.
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Much of the hymn is about staying awake and watchful. All of the cited passages deal with at least one of these, so it's difficult to tell where or if the hymn draws from one passage more than an-other. The first two verses, however, mention sleep, and this indicates a bit more influence from Matthew 25:5, 1 Thessalonians 5:5-9, and Revelation 16:15.