The euro surrendered some of its gains on Wednesday trading after a report showed that German factory orders tumbled, amid a hold from investors till seeing how many investors will agree to writedown debt to Greece by a deadline of tomorrow night.

The German report showed that factory orders slipped 2.7% in January from a revised of 1.6%, raising growth concerns, especially as yesterday's 4q GDP data signaled 0.3% contraction in the euro area.

Greece is set to know how many investors will participate by a deadline of Thursday at 20:00 GMT, where the Greek government expects 75% participation of private creditors.

So far, many large creditors announced their participation, including Societe Generale, Assicurazioni Generali SpA and UniCredit SpA in addition to Greece's six biggest banks. However, the announced names only constitutes about one-fifth of the bonds involved in the swap.

Greek Finance Minister Evangelos Venizelos warned that his country may activate collective action clauses (CACs) to make private-sector bondholders bare losses if they did not agree on the debt-swap deal before a deadline of March 8.

The EUR/USD pair fell from the day's high of 1.3163 to trade near three-week low around 1.3135 after the German report, where the day's low was recorded at 1.3108.

The trading range for the day is expected among key support at 1.2975 and key resistance at 1.3300.

Oppositely, the U.S. dollar managed to recover some of losses as it rebounded from the day's low of 79.57 to hover around 79.70, according to the six-currency gauge, the dollar index, which tracks the dollar movements versus a basket of six major currencies.

Versus the yen, the greenback fell for a third day to trade around 80.70, where the day's high was seen at 80.94 while the low was hit at 80.56.

The trading range for the day is expectedamong key support at 80.00 and key resistance now at 83.00.

Moving to the British pound, it fell from the day's high of 1.5758 versus the greenback to trade around 1.5720 after touching a low of 1.5704.

The trading range for the day is expectedamong key support at 1.5600 and key resistance at 1.5900.