Mr. X owns a company that produces IT products. His company is based in U.S.A. His company exports IT products to Spain. He sells his products in euros. Mr. X believes that todays forward rate on the euro underestimates the future spot rate of the euro. Mr. X would like to hedge his euro receivables in some way. What is more appropriate for him: a put option hedge, or a forward hedge?

Explain your answer.