Euro futures broke out of a narrow morning range and moved lower following geopolitical developments in the Middle East regarding U.S. and Iran diplomacy. The currency had previously been holding within its narrowest trading range since late May near 1.1430 before slipping toward 1.1415 in the afternoon session. This shifting geopolitical landscape also impacted market volatility, causing the CVOL index to firm up after hitting six-month lows. In terms of market positioning, recent data shows that speculators have continued to liquidate their net long positions over the past few months, bringing their collective stance to a neutral bias for the first time since early April.