A number of fundamental changes have affected EU ETS allowances, which are currently breaching MA200 - a strong technical level.
Weak EUETS auctions, low/negative dark spreads and Brexit concerns have provided pressure. Technically, Fibonacci 61%(used for resistance levels), and MA200 have been breached. All technicals, except (which is not my favorite in trending markets), show further bearishness.
Happy to hear your thoughts!