FXstreet.com (Barcelona) - The shared currency ha accelerated its downside, posting fresh session lows below 1.2940 after the Bundesbank has revised down its forecasts for the German economy. The bank now expects the economic activity to grow 0.7% during 2012 and 0.4% in 2013, down from 1.0% and 1.6%, respectively.

German industrial Production figures will be released today. Market consensus expects the headline to contract 0.5% during October, bettering September’s -1.8%.

As of writing, the cross is down 0.26% at 1.2935 with the next support lying at 1.2880 (low Nov.28) and then 1.2872 (MA30d).
On the upside, resistance levels are located at 1.3040 (prior intraday low) then 1.3060 (low Dec.5) and 1.3087 (high Dec.6).