Should be possible, but most definitely would require a HF
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Why a HF? From what I can see, witnesses just start sending price in euros.
If they just started sending prices in euros all currently existing HBD will converted to be Euros 1 to 1. If you had 100 HBD worth 100 USD now you would have 100 HBD worth 100 Euros. Updating already existing balances would require a HF.
I was thinking it just stays as is. Everyone gets a bit richer. My understanding is that HBD has to get paid back by hive in the future and "Hive" covers that cost.
Yes, HDB is debt but that debt have been issued as dollars not euros. So witnesses just sending euro value in price feed would make debt go up.
Let's say witnesses send 0.1779 as price feed (1 hive's worth in euro) Then my 1 HBD will give me 5.62 HIVE. If it were in USD price it would have given me 4.77 HIVE. So if the balances are not updated with current prices, chain will owe an extra 0.85 HIVE per HBD in circulation.