Reasons for taking the trade.
1D- The EURCAD entered the descending wedge on January 15th 2018, and we’ve been testing the trend lines ever since.
12hr- On the 12hr the pair has just formed an engulfing bearish candle after touching a strong previous support/ new resistance.
8hr- The trade has been triggered using our price action strategy.
Indicators- The 200 moving average has recently crossed the 100ma (Shows bearish momentum taking over) The RSI has recently touched the “overbought” area and is now heading south.