I'm an American living and working overseas and have all of my investments in U.S. brokerage accounts. I recently received an ~€11k bonus, and I deciding what to do with it and when.

To invest it I need to convert the EUR to USD, but with the EUR at a 5 year low, I'd like to wait until it goes back up. At the same time, the market is down so I feel that now is good time to invest it. I guess I'm weighing the rate of return of the EUR to USD exchange rate vs the SP500.

What should I do? Dollar cost average both the exchange and the investments (i.e. exchange then invest a portion of it each month)? Open to all ideas and considerations. Thanks.