The Australian dollar extended Asian session's rally against the euro in early European deals Wednesday, rising to a 2-day high of 1.2336 around 4:10 am ET.
The aussie is expected to extend its uptrend versus the euro as the EUR/AUD pair failed to revisit the 38.2 percent retracement target between a high in October and a low in November.
The near-term resistance for the aussie is seen at 1.2327, the 23.6 percent retracement target and a move beyond this level could help the currency challenge the key 1.23 level.
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