I'm not sure if it has made it into a dictionary yet as it still seems to be evolving as a term

I think it is probably a (mildly) racist term as it is used (in my experience) as a term for the kind of people of central European origin who are from semi-aristocratic origins but are now lacking in money (by extension can be used for any European). It relates to a kind of behaviour that is all about fur coats and hanging about in the type of places where people with money will pick you up. It implies a similar but different kind of behaviour to "nouveau riche" (ie money but no "breeding"). It could bring together the perfect couple? I won't name any names as there has been a recent libel case in the UK to do with news groups.

It is used in music to refer the the kind of music that is played at the annual Eurovision Song Contest (the contest which gave Abba its first big hit with "Waterloo"). Abba is too original to be eutrotrash but the kind of groups that copied them (badly) would be. I saw a website linking eurotrash with "Americrap" so that's probably an equivalent. I ran it through the search engines and it mainly refered to music or film.

In the UK (not sure if it escapes the country) there is a late night television programme called Eurotrash which is essentially a license to show soft porn (interviews with stars of dubious Swedish movies lounging around next to swimming pools) whilst pretending to say how tasteless it all is. (I'm sure others could defend it).

Not sure if this gives you a definitive answer but it's a start!