Monday, February 20, 2012

Retreat from 3-month high

After strong start of this week, EUAs are in retreat from this year (and a nearly 3-month) high. Seems like the market is testing a support of 8.90 - just above the current level of a 100-day moving average. With an RSI around 70, many traders may take the opportunity to lock-in some gains from long positions (sell the lenght), as the market may seem overbought at the moment.

Support at 8.90 and resistance at 9.20 euro makes a very tight range for some intraday trading today (the actual trades being between 8.96 and 9.15).

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