Company XYZ operates in the U.S. On April 1, 2009, it has a net trade receivable of EUR 5,000,000 from an export contract to Germany. The company expects to receive this amount on Oct. 1, 2009. The CFO of XYZ wants to protect the value of this receivable. On April 1, 2009, the EUR spot rate is 1.34, and the 6-month EUR forward rate is 1.33. The CFO can lock in an exchange rate by taking a position in the forward contract. Alternatively, he can sell a 6-month EUR 5,000,000 call option with strike price of 1.34. The CFO thinks that selling an option is better than taking a forward position because if the EUR goes up, XYZ can take delivery of the USD at 1.34, which is better than the outright forward rate of 1.33. If the EUR goes down, the contract will not be exercised. So, XYZ will pocket the premium obtained from selling the call option.

What can be concluded about the CFO's analysis?