Euro Markets: EUAs drop back after failing to establish above key resistance as funds build length

European carbon allowances gave up some of Tuesday's price gain after failing to make a convincing break above a key psychological and technical price area, even as weekly position data showed speculative traders beginning to rebuild long positions after the steep sell-off of the first quarter, while energy markets reflected a mixed outlook of rising hopes for peace talks as well as a tightening blockade of the Strait of Hormuz.