This week, traders eye Tuesday's UK Industrial production m/m, Wednesday's US FOMC meeting minutes and Thursday's BOE Interest rate desicion. These economic events lay the short-term path of this pair. The pair has been in a downward for last 6 trading sessions. As of now, the pair is trading at 1.6574 in Asia. The pair is facing strong resistance level at 1.6586 (50SMA) levels. The pair is in bearish hand, until it crosses and close above the 50SMA level for a day. On the down side, if the pair breaks the purple line, it will fall to 1.6465 (March 24 low). Once this level is broken, bears will sing their song up to 1.6252 with intermediate supports. The next strong support levels exist between 1.6252-1.6214. The long-term uptrend will be terminated once the pair closes below 1.614 (200EMA).

Intraday-

The pair is in a complete down trend, trading below the all daily moving averages. It is not good to enter longs until the pair crosses the 1.6595 (200EMA) marked with a yellow line. Risky traders can enter longs only above the 200EMA level, with targets at 1.66 and 1.6611. Safe traders, buy above the 1.6611 levels for targets 1.6660. On the down side, if the pair does not cross the yellow line, it will fall to the downside purple line at 1.6550, below this, to 1.65-1.6480 and 1.6465 levels. Sell on rallies until the pair crosses the 1.6611 level, for sellers.

Adopt one strategy and trade safely.