The chart shows a nice example of the supply-demand setup.
Huge spike from 106 and down to 104. And after some consolidation, it went back to 106 where sellers stepped in. These levels are drawn from where the blue candles (impulse moves) starts.
First time price revisits a level, there is a big likelihood that price will get rejected (or supported). Look at the 104.77 level. First time it revisits the level, it gets rejected. Each time it revisits the same leve, more and more sellers are consumed and eventually it breaks through, which happened today.
Both rejection levels and break through can be traded.