The euro faced a sharp reversal lower after opening near session highs, driven by a stronger-than-expected CPI print and oil prices climbing above $100. This inflationary pressure sparked a bid in the U.S. dollar, pushing Euro futures down to a close at 1.1750. From a broader perspective, the market is coiling near the midpoint of its recent 1.1650 to 1.1850 range established since early April, as traders await a new catalyst. The CME Group CVOL index indicates an uptick in implied volatility amid the current market uncertainty. Meanwhile, positioning data shows speculators exiting their net long Euro futures positions for the third consecutive week.