Downside pressure was retraced 50% as shown on 30 min chart on left before failing to go back down to retest the low, which built positive divergence and hit 78.6% retracement of the upmove from the low as shown on the 2 hour chart on the right. Notice that it is also where the support trendline is, strengthening support at this level. This bounce setup moved the price back up to the fibonacci levels shown on the charts.
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