Case against Euro vs. US$ still!

1) Still overvalued on a Purchasing Power Parity basis against the dollar
Interest rate differential to shrink as ECB catches up to the Fed
3) Safe haven money flow i.e. risk aversion still favoring the buck
4) Shift in oil equation i.e. reallocation no longer favoring euro
5) 7-year global dollar short position likely not reversed in five months
6) Emerging market chaos reverberating back into European banking system given Euro-banking huge exposure there.