• U.S. involvement in Mid-East conflict has significantly changed situation

• Risk averse behaviour may influence markets from here on

• Equity and FX traders have plenty of profits to book

• Traders are betting over $13 billion that EUR/USD rises

• EUR/USD which soared between Feb and Apr has done little since

• Target for a minor reverse of this year's rise is 1.1056

• The prudent move in less certain times is to reduce risk

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EURUSD

(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)