Strange time for European investors and US stocks

I had been keeping some cash on the side in a HYSA since it was obvious the war with Iran would happen (first carrier on the way there) to invest in the S&P when it went down but somehow the opportunity isn't happening. The USD recovery (at least vs EUR) matches perfectly the drop of the index itself and we are exactly where we were before this started, even after a 5% drop on the S&P.

Is this tendency likely to change? Would further drops on the S&P be followed by further USD recovery? I'm starting to see the trend and thinking about DCAing the money across the next 3 months instead of waiting for a discount that might not happen at all at least for European investors.