EUR/USD has managed to widen its falling channel on the upside, probably helped by some better-than-expected economic data from the euro area, but investors remained largely bearish on the pair as no end was seen to the region's debt issues.

Euro rose to 1.3281 per dollar level on Friday but as of 9:24 am GMT, the pair was at 1.3234, 2 pips below the previous close.

On a 2-hour chart, EUR/USD has next support at 1.3141 (S1), as indicated by the 61.8 percent Fibonacci retracement from 1.3422 to 1.2970. A break below the same could take it to 1.3059 (S2) before retesting the November 30 low of 1.2968.

Data released at 07:00 GMT showed Germany's wholesale price index rose 0.7 percent month-on-month in November, compared with a 0.3 percent fall in October. On year, the index rose 7.8 percent, more than a 7.7 percent rise in the previous month.

Key US data including Reuters/Michigan consumer sentiment index for November and October trade balance data are expected to impact the pair later in the New York session.

Germany Trade balance New York Michigan