In this talk I will discuss the effective field theory (EFT) approach to precision new physics searches, with a particular focus on electroweak and Higgs processes. After an introduction on the present status of constraints in the EFT I will present the main challenges one faces when interpreting data on processes like diboson production or electroweak Higgs production at the LHC in an EFT context. In particular, I will discuss the issue of the validity of the EFT approach in such cases and what are the possible strategies to keep it under control.