Not sure about the if it's against EULA, but I think it's been tolerated so far. I think the main reason why so many EU guys use a US account was because the EU store wasn't updated half as much in the beginning phases like the US one. On the other hand, I would consider yourself lucky that you at least live in a country with just one language. The reason why I buy my contents from the US store, is because I can only get german games from my local PSN. I'm really surprised by this, as surely, there are a lot of english-only speaking people living abroad in different countries. Even so, English should be selectable option regardless where you live, given that's the original language for most games on the market. It's bad enough that some games only come out localised (MW2, CoD, Prince of Persia to name a few) overhere.
Well, there's still amazon luckily.