Euro futures reached three-week highs as volatility dropped.

Todd Colvin of Mark IV Brokerage examines the recent price action in Euro futures, which rallied to 1.1780 to mark their highest close in almost three weeks. Despite the daily and weekly gains, the market remains in a tight range, closing between 1.17 and 1.18 for the fifth consecutive Friday as traders look for the next catalyst outside of the Middle East. Meanwhile, volatility continues to drop, with the CVOL index hitting its lowest level since January after peaking earlier in the week. Colvin also highlights that speculators are modestly exiting their net long positions as they await further market direction.