Despite the jump in the US, it is now rising after yesterday's initial push lower. This tells me that with the data, they are already priced in, and now we are seeing some realignment of positions before tomorrow in the US.
Furthermore, with a week full of major events, it is almost impossible to define a single clear direction for the forex market, and this type of bilateral price action is very typical in such an environment. It's also the last “normal trading” week of the year, so this behavior makes sense.
Liquidity is starting to dwindle, more and more traders are unloading positions and many are already shifting their focus towards holidays rather than committing to new directional trades. From EW's perspective, a bullish turn may be beginning, potentially developing as a zig-zag rally. Initial resistance is around 98.76, but if it is just wave a, higher levels could still follow.
At the same time, it may be starting to fall, possibly looking for wave E within a larger corrective structure.
