Fundamentally, latest PMI's showing improvement in the manufacturing but services rebound has been very slow. Covid is ravaging through Europe, UK and USA and others at staggering rates of daily new cases and there will be another demand shock to global markets at the rate this is going. Governments will have no choice but to impose stricter measures on social distancing, mask wearing etc and this will have a lasting effect on the services sectors, which for many economies is by far the largest contributor to a countries GDP.
The ripple out effects can be far-reaching and and governments and ECB will have to provide more economic relief and stimlus. Whilst the is likely to sit on their hands and hoping would just run hot from here, the ECB is already faced with low pressures and the sudden EUR strength will not help them be any closer to creating some moderate . I think this gives them room to take actions that will slightly weaken the EUR whilst providing more monetary support to fiscal measures.