Euro rate today (28/10): EUR outlook remains positive with shared currency remaining immune to sustained selling pressure

A look at the wholesale currency markets shows the euro dollar exchange rate is 0.06 pct higher on a day to day basis at 1.3812.

The euro pound exchange rate is 0.16 pct lower at 0.8527. We have conducted today's euro sterling exchange rate analysis over on this post. This article will primarily be focused on the headline euro dollar rate.

(Note: All quotes are from the wholesale markets; your bank will subtract a discretionary spread from when passing on their retail rate. However, an independent FX provider will guarantee to undercut your bank's offer, thus delivering up to 5% more currency. Please learn more here.)

Euro remains stubbornly immune to selling pressure

Recent positive forex price action ensures that the outlook for the euro remains bullish.

"EUR-USD appears quite resilient to the downside as the lack of reaction to the lower German Ifo survey and higher US durable orders last Friday suggested. We expect it to gyrate above 1.38 today, with US IP data unlikely to represent a particular drag for our 1M long strangle," point out UniCredit Bank in a morning comment on the continued robust strength underpinning the shared currency.

Gareth Berry at UBS also maintains a positive outlook and points out his key price points:

"With a bullish trend in place, the next major resistance focus is at 1.3833. There’s scope for a setback to unwind the overextended upside conditions from here, with support at 1.3742 ahead of 1.3695."

There is no reason to fight the tide: Buy the euro

Would it be too late to buy into the euro dollar rate rally today?

No says Piet Lammens at KBC Markets who says there is little reason to fight the trend:

"EUR/USD fully retraced the 1.3417/1.2755 decline from June/early July. The pair reached a minor new correction top at 1.3452.

"Following a temporary pullback in early September, the pair finally broke higher (after the FOMC decision to postpone QE tapering). Following the ECB meeting early October, EUR/USD moved above the 1.36 level and the September US payrolls triggered a break above the1.3711 previous 2013 top.

"This improves the picture for EUR/USD with 1.40 the next big resistance.

"We expect the ECB to defend the 1.40 level with talk or if needed action. In a longer term perspective, we still look to sell EUR/USD when we see signs of a topping out process in the 1.3711 to 1.40 area. For now there is no reason to row against the tide."

Those looking for fireworks on the FX market place may however be disappointed as there is little on the event front to really shift currency markets.

In North American trade today the calendar carries Industrial Production and Pending Home sales data, but the focus will lie with equities as Apple is expected to report after the market close.

Barring any fresh newsflow we may remain in these tight ranges for the rest of the day.