This analysis argues that EUAs tested the 21.40 three times but failed to breach it. That said, the triple top formation never occurred and therefore an have provided the necessary upward pressure. Technically this market could test in the short-term its recent high.
Fundamentally, MSR kicks in next year and traders will be looking very closely to see how this instrument will affect this market. The demand of those allowances will play the most important role.
All these are just my thoughts and observations for education purposes. This is not an investment advice.
Happy to hear yours.