The struggle between Euro and Dollar is a reflection of a bigger fight between global powers. On a one hand is Europe trying to escape it chaperone in a face of United States, on the other hand, new power emerge like China and Russia, and this time, the y are not going to adsorb the cost of the crisis.
US successfully use a relic of Cold War- NATO organisation. Europe is clearly not self-sufficient in protecting itself,- latest mission in Libya just confirmed it- EU countries ran out of ammunition by the second week of the conflict.
Such vulnerability allows US to exploit NATO to it's benefit. The conflict in Kosovo, Egypt and Libya weren't to benefit EU, but give US an important space to toy with islamists and a short reprieve in oil prices.
In all cases it backfired, Kosovo led to record low prices on oil, but gave a rise of radicals around the Globe. Libya turned into a very lengthy affair, just highlighting military insolvency of Europe. Egypt elite is still resisting, and there is no cheap oil in site.
Nevertheless, the US is a clear winner in current Middle East conflict, the conflict created areas of instability close to the major competitor- Europe, and EU is stupid and naive enough to play along and even vest into these "revolutions".
This makes Europe a sore loser and reflects on the currency- the downfall of Euro will not end any time soon, and will tend to abrupt spikes downwards on any sign of unrest.
Makes Russia and China smile and watch, all they have to do is to fend all those half-baked revolutionaries sponsored by the US Department of States.
(c) FX addict