With prices moving sideways in the last 4-5 days, the 20- and 30-days moving averages came closer to each other and are now at almost the same level (EUR 3.44 and EUR 3.46, respectively).
The EUA Dec13 closed three times above the 30-days moving average, but couldn't brake over EUR 4.00.
Despite a relatively strong result of today's UK auction (clearing price some 3 cents above the best bid and bid to cover ratio at highest in the last three months) the price couldn't resist the temptation of the deep and plummeted to a daily low of EUR 3.30 breaking the support level at EUR 3.45.
Besides technical trading there was only one article about the European Council discussing 2030 climate goals in March 2014. The delayed decision might have suggested to market participants that politicians are divided on climate topics which is not the best sign for back-loading to be voted about this summer.
With today's movement the price broke also the trend line that started April 17 at EUR 2.46 and linked that minimum to the local low at EUR 2.86 from May 1. The way is open now to these levels that will work as support.
The first resistance level is at EUR 4.00.