EURUSD – downside to remain at risk while 10SMA caps recovery attempts

The Euro is holding within approx. 80-pips range on Tuesday and consolidating above new low at 1.2350, posted after two-day fall.
Upside attempts were heavy above 1.2400 and so fat limited by broken rising 10SMA which now reverted to resistance (currently at 1.2416).
Prevailing risk-off mode would keep the upside limited and keep in play risk of retesting key near-term supports at 1.2336/34 (29/30 Jan double-bottom) and 1.2300 (Fibo 38.2% of 1.1915/1.2537 upleg / rising 20SMA), loss of which will generate stronger bearish signal for deeper correction.
Conversely, break and close above 10SMA would sideline downside threats and shift near-term focus higher as overall structure is bullish.

Res: 1.2415; 1.2434; 1.2474; 1.2490
Sup: 1.2350; 1.2334; 1.2300; 1.2226