* Euro edges up, little reaction after ECB holds rates
* Trichet awaited; focus on liquidity, bond buy measures
* Euro supported after Spanish, French bond auction results
(Adds detail, updates prices)
By Tamawa Desai
LONDON, Dec 2 (Reuters) - The euro held firm on Thursday after rising the previous day as investors waited to see if the European Central Bank would take more steps to calm euro debt concerns, but could fall again if the central bank disappoints.
The euro offered limited reaction to the ECB's widely expected decision to hold its main refinancing rate at 1.0 percent. President Jean-Claude Trichet is expected to offer more policy details when he speaks to reporters at 1330 GMT.
Investors expect the ECB will keep unlimited liquidity operations in place for longer to help banks secure funding, while speculation has been brewing that the central bank may step up its bond purchases.
"The focus is on whether Trichet will announce a numerical target for bond purchases. If he keeps to saying they are ready to buy more bonds but without a numerical target, the markets will be disappointed and turn negative on the euro," said Roberto Mialich, currency strategist at Unicredit in Milan.
The ECB has been under pressure to soothe market sentiment after a bailout plan announced for Ireland last month stoked speculation that other euro zone nations struggling to repay their debts may also seek help from the European community.
By 1252 GMT, the euro was up 0.2 percent on the day at $1.3177, holding gains after jumping more than 1 percent the previous day as investors pared short positions in the single currency.
Earlier this week, it sank to an 11-week low of $1.2969 on concerns that countries including Portugal and Spain may be the next countries to seek an EU bailout.
Some investors were expected to dump euro/dollar long positions ahead of key U.S. payroll data due out on Friday.
"The (U.S.) ADP numbers raised expectations Friday's jobs report will not be so bad, making players adverse to holding excessive euro/dollar longs," Unicredit's Mialich said.
Early gains in the euro were limited by bids from Asian and Middle East accounts seen around $1.3130, traders said.
It rose to the day's high of $1.3217 after stop-loss orders were triggered above $1.3180 and after the results of Spanish and French government bond auctions showed they were relatively well received.
The euro held above its 200-day moving average at $1.3123, but analysts said disappointment from the ECB could see it resume the fall it began in early November and head back below $1.30.
"If (the ECB) can get a temporary positive spin on things we will get a chance to sell at $1.33 and if they don't we will have to crush the euro back through $1.30," a London-based trader said.
"Either way, it's a sell," he said, adding the ECB at this point can do "nothing more than keep the wolves at bay for a bit longer."
The euro was earlier supported after a U.S. official told Reuters Washington would support boosting an EU rescue facility via IMF funds, although a Treasury Department spokesman later said an "extra commitment is not something we're discussing right now"..
The U.S. dollar was little changed against the yen at 84.25 yen, not far from a two-month high of 84.41 yen hit on Monday. Robust U.S. data and higher U.S. bond yields may support the greenback, traders said. (Additional reporting by Naomi Tajitsu, editing by Ron Askew)