Traders eye Construction PMI data which is going to be printed today and Services PMI tomorrow. The Markit/CIPS Manufacturing Purchasing Managers' Index (PMI) fell in March to 55.3, its lowest since last July and below all forecasts in a Reuters poll of economists. February's reading was sharply cut to 56.2 from an originally reported 56.9. It was the fourth month in a row when the index fell. Growth in British manufacturing unexpectedly eased to its slowest pace in eight months in March, and prices paid by the factories tumbled, a survey showed yesterday. In our yesterday's report, we expected these data. The February number was revised from an originally reported 56.9. Export orders growth slowed, other sub-sectors recorded a healthier performance.

Technical view- sell

The pair has broken the uptrend supporting trend line in the H4 chart. In the Asian's trading session, the pair is trading at 1.6630 holding the minor support at 1.6628. If it breaks this support, it will drift up to 1.6609, 1.6592, and 1.6571 on an intraday basis. Being in a sell mode will give a good money in 1 or 2 days time frame. The RSI is still in sell mode. On the up side, 1.6666 is the strong resistance, above this, 1.6718 is the major resistance levels.

On a positional basis, the level of 1.66 is the minor support and 1.6585 (50SMA) is the strong support. If a day close below the 1.6585 level, we will see a huge fall to 1.6465 (61.8 FIB), below this, 1.6257 and 1.62 levels will come.