Suppose that company X borrowed 100m EUR for one year at a floating rate, which could either be 4% or 6%, while company Y borrowed 100m EUR for one year at a fixed rate of 5% (so X's liability will either be 104m or 106m, while Y's liability will be 105m EUR). Consider a forward where the "underlying" is the floating interest rate and the "forward price" is the fixed interest rate. X and Y can swap their obligations if X goes ____ the forward, while Y goes ____ .

Short, long

long, short