The reaction off the 2nd support level following the wedge breakdown perfectly coincided with a backtest of the primary downtrend line in GDX.. hence the bounce in the miners.
EUR-USD 60-minute 3 Feb 10th
A perfect kiss of the primary downtrend line from 2012 to produce the typical reaction of the initial tag of a key support level from above. While this bounce could carry a little higher, I still favor a continued move down to at least the 15.80 level. (The backtest in GDX was pointed out while it was occurring in the comments section under the US Dollar Could Spark a Rally.. post from earlier today).
GDX daily Feb 10th