An in-depth look at foreign exchange markets reveals Euro futures moving lower to start the week, ultimately settling near the 1.17 even midpoint. Despite seeing a wide trading range between a high of 1.1785 and a low of 1.1680 over recent sessions, the settlement price continues to hold within the established 1.1650 to 1.1750 range seen since April 21. Meanwhile, market volatility is trending higher, with the CVOL index marking its highest closing level since late April. In terms of positioning, speculators are beginning to trim their net long positions. A recent brief shift toward net short positioning was quickly reversed, indicating that speculators continue to maintain an overall net long bias in the market.