EUR/USD prints fresh bull cycle highs, on course for 5-day rally

• EUR/USD bulls take on fresh bull cycle highs but bears are lurking. 
• US CPI weakened the outlook for the US Dollar but a cohort of Fed speakers remain hawkish.
• Breakout traders could be feeling the heat of a sizeable correction in the coming sessions. 

EUR/USD has popped to a fresh bull high following the day’s Consumer Price Index data that inspired a breakout in the US Dollar to the downside. At the time of writing, EUR/USD is up by some 0.8% at the time of writing. The Single Currency has rallied from a low of 1.0726 to a high of 1.0867 so far. 

Consumer Price Index data came in as expected on the whole, besides the one exception on a monthly basis in the headline number. The year-over-year CPI print landed at 6.5% or 0.6 of a percentage point cooler than the November number. The one exception was a positive surprise. On a monthly basis, the headline number actually decreased by a nominal 0.1% instead of remaining unchanged, as analysts expected.