Combine 1-1/2 cups flour, sugar, undissolved yeast, orange peel and salt in a large mixer bowl. Heat water, milk and butter until very warm (120° to 130°F); stir into flour mixture. Stir in 1 egg, almonds, and enough remaining flour to make soft dough.
Knead on lightly floured surface until smooth and elastic, about 6 to 8 minutes. Cover; let rest on floured surface 10 minutes.
Divide dough in half; roll each half to 30-inch rope. Loosely twist ropes together. Place twisted rope on large greased baking sheet; shape into circle and pinch ends together to seal. Place 5 colored eggs, evenly spaced, on dough, pressing between ropes in twist. Cover; let rise in warm, draft-free place until doubled in size, about 20 to 40 minutes.
Beat remaining egg with 1 tablespoon water; brush over dough (not on eggs). Bake in a preheated 350°F oven for 30 to 35 minutes or until done. Remove from sheet; let cool on wire rack.
Orange Glaze: Combine powdered sugar and orange juice in a small bowl. Stir until smooth. Drizzle Orange Glaze over bread. Serve promptly.