(Corrects prior month ISM data in paragraph 9 to 54.4 from 53.9)

By Lucia Mutikani

NEW YORK, Feb 1 (Reuters) - The dollar may rise next week after the greenback fought off new lows against the euro in the wake of two deep Fed rate cuts and dour economic data.

Analysts said there were signs that dollar bears were starting to throw in the towel in the face the U.S. currency's resilience.

A light data week awaits investors, but the Institute for Supply Management's (ISM) services report could provide more clues on the extent of the country's economic slowdown.

"At this stage, it looks as if the downside for the dollar is going to be limited," said David Powell, currency strategist at IDEAglobal in New York. "If this news (jobs report and the Fed's aggressive rate cuts) was unable to force euro/dollar to retest the all-time high, what will?"

The euro briefly surged to a two-month high of $1.4952 on Friday on news that U.S. employers cut payrolls for the first time in 4-1/2 years in January, but failed to retest an all-time high of $1.4966 touched in November.

It later gave up gains to trade lower around $1.4813.

"It looks like the dollar is going to drift higher ... the most likely scenario is that we return to $1.4650 (per euro)," said Powell.