Euro falls 1 percent vs dollar to session low

NEW YORK | Wed Dec 15, 2010 2:45pm EST

NEW YORK (Reuters) - The euro extended declines against the dollar on Wednesday to trade more than 1 percent lower, weighed by persistent worries about the euro zone's financial woes.The euro slid as low as $1.3223 on trading platform EBS, breaking below support at around $1.3235, or a 61.8 percent Fibonacci retracement of the euro's rise from August to November.
It was last down 1.2 percent at $1.3226. The next downside target is in the $1.3164 to $1.3182 area, which represents the euro's lows from December 8-13.
The weakness in the euro came after Moody's said it may downgrade Spain's debt rating and as traders waited for a summit of European Union leaders later this week.
The dollar also hit a session peak against the yen at 84.48 on EBS, and was last up nearly 1 percent at 84.45 yen.