I highly doubt the Euro will ride back up again, when it's in Europe's best interest to keep it more competitive with other world currencies. Somewhere in the neighborhood of 75 cents to the USD. Europe has to become more competitive, it's just not possible with an over-valued product.
"Europe has to become more competitive, it's just not possible with an over-valued product."
The product isn't the currency, unless you're specifically speaking of currency trading. The actual products are not overvalued, they're overpriced, which is due to very uncompetitive labor costs.