The Puzzling Question: What About The Euro?

I have been puzzled by the behavior of the Euro lately, given that the Eurozone is actually collapsing under the weight of their debt, that the CDS rates are hitting all time highs, that the ECB is going through many illegal actions and printing what seems to be vast amounts of money. Sentiment and market action would dictate that the Euro should have been in free fall, right? Yet, despite the massive amount of bad news, and pessimism, such as this report titled "The Death of the Eurozone", markets seem to be oblivious and the Euro is still playing the levitation game it's been playing for the past year or so — I am  knowingly ignoring the JPY and CHF here — against most major currencies:

How much longer until the markets become rational about the Euro?