McDowell earlier completed a 67 on the London Club course for a 12-under 132 total. Sergio Garcia was three strokes further back following a 64, the days best round.
Soren Hansen was fourth at 8 under after a 67, and the six players at 7 under included Colin Montgomerie (67), Ian Poulter (67) and Paul McGinley (68).
Fisher shot a course record 63 Thursday and did not expect to match it.
I didnt feel completely confident with my game, the Englishman said. I was not quite as sharp and I missed a few fairways and a few putts.
The halfway cut fell at 1-under 143 and the big casualty was Darren Clarke, who was disqualified for signing the wrong score on the last hole'a four when he had made a five.
At 2 over, Clarke would have missed the cut anyway.
McDowell, two behind Fisher overnight, was pleased with another good round.
There was no wind and I just tried to keep my foot on the pedal, McDowell said. Twelve under is a great place to be going into the weekend. Id take that anytime.
Im controlling my swing and controlling most aspects of my game. The key is Im holing putts.
Garcia, who shot 71 Thursday, was in a bunker and picked up his only bogey at No. 4 after a perfect drive. He three-putted the fifth and missed the green from the middle of the fairway at No. 6. But the Spaniard finished eagle-birdie with putts of nine and 18 feet.
Montgomerie, who is defending his European Open title, was second in Paris last week, his best result in a year.
To maintain that momentum was very important and I managed to do that, he said. But if I hole some putts, I have half a chance.