You might want to hold off a little longer. A week ago, most foreign exchange analysts were forecasting that the euro would hit parity ($1=1 Eu) sometime later this year. This was due to the fact that Europe's economy is slipping in the direction of deflation. Then, a few days ago the Swiss announced that they would no longer tie the value of their franc to the euro. This shot the value of the Swiss franc up and accelerated the euro's decline. The pound and and dollar suffered against the franc as well. Now analysts are starting to think the euro might go balow parity- even that the euro may crash and cause currency havoc in the Eurozone.

If Europe goes into a deflationary spiral, not only will you be able to buy more with the dollar, but prices may fall as well.

I'd not recommend buying anything over there though. Exports are exempted from the onerous VAT's across the pond. However, if you are over there you might, for example, get fitted for a bike and then make the purchase when you return. But the VAT's would make any European purchase uneconomical.

I'd also not buy anything Swiss right now

There is also, of course, Japan's seemingly eternal deflation and a recent slide in the yen...