I would have liked to edit a reference to bring it into the form used in the german Wikipedia. But either there is no possibility to edit references in the translation tool, or it is well hidden...
Topic on Talk:Content translation
Thanks for trying the tool and for your feedback.
The feature to edit the references is not available yet. This is the Phabricator ticket where you can track the progress of the feature. Feel free to add any detail!
IMO the EN templates Cite web/news/journal et al. resp. Citation should finally be made mandatory for all language versions to facialize translation projects. There is no need that each and every project to develop and maintain own template which cannot be used in other versions. For example de:Vorlage:internetquelle cannot be used outside DE:WP, and yet is not compatible with en:Template:Citation, even cannot be made compatible by its architecture and should never be used for newspaper sources, for instance. Therefor the CS1 and CS2 from the English wikipedia should be implemented as software extensions.