Follow the links to Reddit posts sharing a script in AutoHotKey that basically holds down your right mouse button to keep your camera focused on your character.
JayceMJ came up with it.
http://www.reddit.com/r/Guildwars2/comments/zmi6o/how_to_change_gw2_into_a_3rd_person_action_game/
pvpproject refined it.
http://www.reddit.com/r/Guildwars2/comments/zs2j6/introducing_guild_wars_2_combat_mode/
Since all this pretty much does is hold down the right mouse key, it seems like it would not go against the EULA. I read in the threads that several people are already doing what this script does with clever remapping of the keys. Still, I’d feel happier using this script if Anet gave an official stance on it