The euro hit a fresh session low against the U.S. dollar on Wednesday, according to Reuters data, as analysts said testimony from U.S. Federal Reserve Chairman Ben Bernanke suggested the bank was unlikely to engage in more easing in the short term.

The single currency traded as low as $1.3346 against the greenback.

With the Fed not looking to engage in another round of quantitative easing in the near term, said Kathy Lien, director of FX research at GFT in Jersey City, we see the euro/dollar falling very sharply on the heels of that.