The EUA Dec13 couldn't maintain its recent gains. Last Friday the price jumped almost 30% within the day on the speech of the German Chancellor Angela Merkel at a conference as she supported her environment minister's renewable energy reforms. Mr. Altmeier is known for supporting the backloading. Friday's price movement might have triggered market participants that had a short position from January to close their positions. In addition to this, there were two days (Monday and Tuesday) with excellent auction results that might have helped as well.
On Wednesday the EUA Dec13 opened in a positive mood and reached a daily high of EUR 4.76 ( a level not seen since Jan. 24), but gave up gains in the afternoon to close at EUR 4.16, 26 cents lower than Tuesday's closing price and 1 cent higher than the daily low.
The MACD still keeps its bullish crossover. RSI is in the neutral territory at 36.7.
It seems that the price tested the higher range of the declining trend channel, but it didn't break it and now it's coming back to the lower end. Support levels are at EUR 4.00, EUR 3.22 and EUR 2.81. The closest resistance is Wednesday's high at EUR 4.76.