The other shoe has dropped and QE3 is upon us. Here's your currency trade on the news.

Yes, it's happened again.

Fed Chairman Ben Bernanke has opened the floodgates and a third round of quantitative easing is in the works.

You might think that would be bad for the dollar,  but Willie Williams, director of institutional derivative sales at Societe Generale, disagrees.

Williams argues that Between the European Central Bank'sannouncement of its bond buying program and pressure coming off of some European bank assets, "there was a relief trade for the euro." But now, he says, "the question is, are we following euro strength or dollar weakness?"

With less wind in the euro's sales, Williams told CNBC's Melissa Lee he wants to sell it against the dollar. "A lot of the shorts have been taken out of the market," removing much of the upward pressure on the common currency, he says. "In the near term, the market is positioned for the euro to trade lower," so he wants to go short at 1.3000, setting a stop at 1.3200 and a target of 1.2500.

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