Forex: EUR/USD paring gains after German data

FXstreet.com (Barcelona) - The single currency is trimming some of the early gains after the German industrial production showed a contraction of 2.9% in December (-0.3% exp.), coming from flat growth in November. Over the last twelve months it rose 0.9%, far lower than the 4.3% estimated (4.4% prev.).
The print sharply contrasts with the recent improvement in other key indicators, indicating that the worst of the crisis may not be over (even for Germany).

EUR/USD is advancing a modest 0.04% at 1.3124 as of writing. The next obstacle lies at 1.3205 (high Feb.3) ahead of 1.3235 (trend high Jan.27) then 1.3244 (38.2% of 1.4244 – 1.2624) and 1.3282 (low Dec.9).
On the downside, a violation of the psychological level at 1.3100 would expose 1.3089 (low Feb.7) then 1.3026 (low Feb.1) and 1.3000

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