The euro held near a seven-month low against the dollar on Wednesday, although more selling of the European currency was expected after a Dutch vote later in the day that will likely reject the EU constitution. While traders don't expect selling of the same magnitude that sent the euro tumbling after France rejected the treaty at the weekend, market concerns have been heightened about a euro zone economy already hit by a slowdown in growth. "I don't expect the same kind of sharp euro selling after the Dutch vote, but as sentiment remains weak, it is possible the euro could extend losses," said Tohru Sasaki, chief forex strategist at JPMorgan Chase. The single European currency, which has shed over 5 percent against the dollar in less than a month, came off its session low as traders locked in profits from the U.S. currency's recent gains. Market players said that in addition to profit taking, traders covered short euro positions against a stack of currencies such as sterling and the yen, which contributed to a volatile trading session.