The Gunners had a 2-0 lead in the first half, but conceded two goals to finish with a point from their latest game in Group B, but the Frenchman believes the result shows they are going in the right direction.
“Of course, I believe that it was a difficult game, and a good one as well on both sides,” Wenger told Sky Sports.
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“Both teams played very well. I feel of course, after all the stick we got after Saturday's game it was important to show a great response, which we did. We played against a good team and it's a bit unfortunate that we conceded that goal just before half-time.
“After that, in the second half as well in the last minute, Walcott has a chance for 3-2. But overall, I believe that 2-2 is fair. At 2-0 you have not won a game in the Champions League, especially now with the physical qualities of a German team.
“You could see the results of the German teams, they have physical quality, technical quality, and they never give up on top of that. So overall, I believe that the game was not over, even at 2-0.
“Look, we lost on Saturday and at least we didn't lose again today.”
Wenger refused to be drawn on whether Theo Walcott would now be given an extended run in the Gunners’ first team, despite some impressive recent performances including a goal against the Germans.
He added: “Theo Walcott did extremely well, and was certainly one of our best players. What people forget is that he was injured for a long time and injured with England. He just comes back now, that's basically it. We all know that he's a great player.”
The Frenchman is also not concerned about the Gunners’ last group game against Olympiakos, which could be crucial in deciding whether they or the Greeks progress to the knockout stages.
He said: “It doesn't matter too much. What is important is that we win the next game against Montpellier. It can go to the last game, it can also not go to the last game.”