Following are expected trading ranges and outlook for EUR/USD today:

EUR/USD - to range-trade. EUR/USD undermined by fears Grece's political parties may not agree on austerity measures the country must take in return for a fresh EUR130 billion bailout loan from its creditors - Greek Prime Minister Papademos and leading lawmakers pushed back a meeting scheduled for yesterday to today, prolonging the uncertainty. But euro sentiment soothed after German Chancellor Merkel indicated the European Union wouldn't allow a potentially destabilizing Greek bankruptcy; stronger-than-expected 1.7% on-month rise in German December manufacturing orders (vs +1% forecast); The Financial Times report that any new Greek bailout programme may specifically earmark funds to pay off remaining holders of Greek debt, giving lenders the freedom to withhold aid to Greece without risking a messy default if the debt-laden nation failed to live up to tough new reform demands. EUR/USD downside also limited by sovereign demand for euro.

Data focus: 1100 GMT Germany December industrial production index.

EUR/USD daily chart mixed as MACD bullish, but stochastics bearish at overbought; 5-day moving average meandering sideways.

Resistance at 1.3157 (yesterday's high), then at 1.3206 (Friday's high), 1.3218 (Wednesday's high) and 1.3235 (Jan. 27 6-week high); breach would target 1.3244 (38.2% Fibonacci correction of 1.4248-1.2624 Oct. 27-Jan. 16 decline), then 1.3334 (100-day moving average), 1.3436 (50% correction level) and 1.3459 (Dec. 8 high).

Support at 1.3070 (hourly chart), then at 1.3027 (yesterday's low, matching Wednesday's low); breach would expose downside to 1.2931 (Jan. 25 low), then 1.2854 (Jan. 23 low), 1.2839 (Jan. 19 low), 1.2732 (Jan. 18 low) and 1.2648 (Jan. 17 low).