My first impression is that it looks more like an odd B rather than EB. Maybe it would help if the E wasn't so condensed.

How? Any suggestion? :)

My suggestion would be to use an E that's the same style/proportions as the B, and extend the width of the B (the white area) further to the left. Another idea would be to try a lower case E.

Are you merely trying to make a monogram or are you trying to instill other meanings in this?

I'd like to echo what aluminum said, because while some monograms are just pure typographical constructs with no obvious references, your looks quite a bit like a zipper.

Reminds me of simplebits logo.

Start off with some tight geometry because this design is clumsy.

Maybe go for a mirrored E ? Very quick sketch.

Dont mean to copy this by the way. http://typophile.com/node/98861#comment-536590

It just feels like a logical solution for this monogram.