FxWirePro: EUR/USD consolidating around 1.1726, bias is bullish

• The EUR/USD pair rose higher on Friday as the dollar slumped after data showed that U.S. labor costs increased less than expected in the second quarter, adding to concerns that inflation will remain low.
   
• The Employment Cost Index, the broadest measure of labor costs, increased 0.5 percent in the April-June period after accelerating 0.8 percent in the first quarter, the Labor Department said on Friday.
   
• Other data showed that U.S. economic growth accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment, confirming that the sluggish performance early in the year was temporary.
   
• The ongoing upside is set to continue for this pair as the support level at 1.1669 is likely to act as strong barrier to the bears and push the pair towards higher levels.
   
• To the upside, strong resistance can be seen at 1.1790, a break above this level would expose the pair to next resistance level at 1.1861.
   
• To the downside, immediate support can be seen at 1.1699, a break below at this level will open the door towards next level at 1.1669.
  
  Resistance Levels
  
  R1:  1.1729 (50% Retracement level)       
  
  R2: 1.1790 (38.2% Retracement level)    
  
  R3: 1.1861  (23.6% Retracement level)
  
  Support Levels
  
  S1: 1.1699 (Session lows)                             
  
  S2: 1.1669 (61.8% Retracement level)
  
  S3: 1.1600 (Psychological levels)

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