Making sense of Euro value v. the dollar

Since its inception, I have been tracking the value of the Euro against the dollar. Sometimes it makes sense and others, like now, it definitely does not. Here is the US economy growing slowly at 2%, technically not in a recession, yet the Euro is maintaining its value at 1.30 or so against the dollar. This is true even while Ireland, Spain, Greece and Italy are essentially bankrupt, the EU member states economies are not growing at all or at most .8% (like Germany). While US unemployment is starting to decline as may shortly be below 9%, Spain hit 22.8% at end of last year and could rise to 25%. So, even while we are borrowing money to stay afloat, certain EU countries are borrowing more at much higher interest rates. Thus, the currency values make no sense at all. The dollar should be stronger against the Euro. Perhaps it can be attributed to speculation? Will continue my research and add.