In a small pot, cook fettuccine pasta according to package instructions. Drain well and set aside.
In separate skillet, heat olive oil over medium-high heat. Add shrimp to skillet. Season with smoked paprika, salt and pepper to taste. Stir in lemon juice. Gently toss to combine. Cook for 3-4 minutes. Set aside.
To make sauce, in a separate skillet, melt butter and add garlic. Stirring frequently until fragrant about 2 minutes. Whisk in flour until lightly browned and thickens slightly. About 1 minute.
Add milk and heavy cream into skillet. Stir until it thickens, about 2-3 minutes. If sauce is too thick, add more milk as needed to thin sauce out.
Add sharp cheddar cheese. Stir frequently until melted for about 2 minutes. Add fettuccine pasta to sauce. Mix together. Season with salt and pepper. Top pasta off with the shrimp. Garnish with fresh or dried parsley, if desired. Serve immediately.