Definitely a tricky situatsion ahead of the Inflation Report. Bigger TF trend is clearly down but lower TF price action looks fairly bullish which may be a hint that the market is expecting a good, bullish result from today's event. Also the fact that the price took out 1.58000 before heading higher looks more bullish than bearish to me.
Conservative approach here would be to stay away until the risk event is over and then re-analyse. Aggressive approach would be to place pending orders minutes before the event to make sure you don't get triggered before the release.