eur/usd: After failing up against the 50-day sma around 1.4370/80 and then closing beneath the 100-day sma for the first time since february, the euro’s technical outlook has once again shifted back to the downside. Furthermore, today’s bearish engulfing candlestick is an ominous sign as we go forward. However, all is not lost as the single currency is still within the triangular consolidation pattern which began at the beginning of may and currently sees the support level come in around 1.4150/60. Should this give way next week, the next credible levels to watch are the psychological significant 1.40 level and then the 200-day sma around 1.3905/10. Only a break above 1.4580, the prior high, would change our bias.