Okay, here we go..
Business as 'usual'. Euro towards 1.50 by the autumn. Once the US dollar starts to fail again, (EUR/USD > 1.50) look for an event to bring interest back in to the USD via safe-haven flows.
What will trigger this? Danger in the midterm elections, and some terrorist attack? A re-breaching of the Gulf Spill? Something to cause war in Iran (my best guess).
This will keep the US dollar alive a little longer, while nations look to get out of the US dollar.