Well, I'd rather say that it is a consolidation of USD against EUR rather then a EUR gaining weight against USD.
MArket thought that FED would increase it's interest rate by October but this doesn't occure FEd's minutes showed that although US market has an initial capacity to cope with a certain amount of growth without the assistance of QE3, market still needs cheap money i.e low interest rate in order to give an impetus to the target.
ECB president is still betting on a "hidden" devaluation in order to important in the Eurozone, but we are far from being there yet. So far, there was more monetary move from ECB then fromFEd's side. ECB lower two time its interest rate, lauch TLTRO and ABS. But despite this move, EUR did not lowered as ECB president would like to.
Therefore, the next move may come from FEd unless ECB decides to lower its interest rate again bellow 0%.
Until FEd or ECB make a move, EUR will go up again towards 1.30 as an initial move. Then if FED increases its interest rate, EUR would fall down far beyon 1.25