The Eurozone overall is one massive collection of currency pegs, each building up stresses internally – right now, money really wants to flow out of Spain to Germany, but it can't since this pseudo-peg (called the Euro) won't allow it. So stresses build up, until at some point they will inevitably pop – Spain resets its Euro/Peseta peg (by leaving the Eurozone), the currency has a massive one-time adjustment, debts are defaulted on as appropriate, and then the pressure is relieved and it all settles down.
Why / under which conditions should the Euro re-appreciate in value relative to the US dollar?
Do you expect that the Eurozone will shrink so that only its central European and northern European member states with stronger economies stay / remain in it?
Which members must leave the Eurozone so that the Euro will re-appreciate? Greece, Portugal, Spain, Italy? All together? Further?