After months of insane volatility, markets haver settled into some reasonable ranges in recent days between roughly 1.2650 and 1.2950. The base of that range is coming back into view as equities suffer amid earnings woes, existential risks to the US automakers and spreading bailouts without any end in sight. A break of the 1.2650 level on a sustained basis should put the 1.2330 trend lows to the test.