Todd Colvin analyzes the recent price action in Euro futures, detailing how a brief early rally reversed into a lower close at 1.1630 amidst broader market risk aversion. As the U.S. dollar firmed on Middle East uncertainty, the euro faced downward pressure. He also examines the resulting uptick in market volatility, highlighting the inverse relationship between the declining prices and the rising CVOL index. Finally, Colvin breaks down the latest positioning data, noting that speculators have begun to exit their net long positions after a period of relatively steady rebuilding.