PARIS, Feb 5 (Reuters) - European wheat futures were little changed on Thursday as the market paused near a 2-1/2 month high from earlier this week, while traders factored in higher Chicago prices, winter weather risks and a lull in export demand.

March milling wheat BL2H6 on Euronext settled 0.1% down at 193.50 euros ($228.37) a metric ton, edging back from Tuesday's peak of 194.75 euros, a level not reached since November 20.

After volatility in exchange rates drove price moves in wheat in the past week, a more subdued euro-dollar EUR= trend removed some impetus from Euronext. FRX/

The euro's level influences the competitiveness of European grain for export and has been closely watched given stiff competition in a well-supplied global market.

Chicago wheat Wv1, a global benchmark, rose with spillover support from soybeans after U.S. President Donald Trump said on Wednesday that China would raise its target for U.S. soybean purchases under a trade truce. GRA/

"Wheat may find technical support from fund positioning, but sustained upside looks unlikely in isolation of competing grains, unless currency weakness or wheat-specific spring weather risks intensify," British merchant ADM Agriculture said.

Traders continued to gauge the possible impact on wheat crops of severe frosts in the United States, Europe and the Black Sea region, though snow cover was seen limiting potential crop losses.

The immediate impact of the cold weather was expected to be more on logistics.

"There are winter season logistics disruption to Black Sea shipments supporting Black Sea prices, which could help switch some demand to the EU," a German trader said, adding, however, that there was little demand from importers currently.

($1 = 0.8473 euros)

(Reporting by Gus Trompiz in Paris and Michael Hogan in Hamburg; Editing by Andrew Heavens)

((Sybille.deLaHamaide@thomsonreuters.com; +336 8774 4148;))