In a small saucepan on low heat, combine milk, water, and butter until butter is melted (about 120-130 degree F). Set aside.
In a large mixing bowl, combine 1 cup of flour, sugar, undissolved yeast and salt. Mix and slowly add in milk mixture. Beat for 2 minutes on medium speed (using paddle attachment on electric mixer), scraping the sides of the bowl occasionally. Add eggs, cinnamon, and an additional cup of flour. Beat 2 more minutes at high speed. Add in enough flour (about 1 to 1 1/2 cup at this point) to make a soft dough.
Transfer dough to a floured surface and knead with hands until smooth and elastic (about 8 minutes). Cover dough with plastic wrap and let rest 10 minutes. While dough is resting, make the filling.
For the filling, drain maraschino cherries using a strainer (discard juice). Pat cherries dry on paper towels to remove excess moisture. Reserve about 6-8 cherries for final garnish. The remaining cherries, dice into fourths. In a small bowl, combine almonds, sugar, melted butter, almond extract, egg and diced cherries. Mix until combined. Set aside.
Divide dough into 3 equal pieces. Roll each piece on a lightly floured surface to an 18x6-inch rectangle. Spread 1/3 of the cherry filling over each rectangle, leaving a 1-inch border. Starting at the long side, roll up tightly (like you would if making cinnamon rolls). Pinch the seams and ends to seal. Transfer each roll to a parchment paper lined baking sheet and braid the 3 dough rolls gently. Pinch ends and tuck under to seal. Cover with plastic wrap and let rise in a warm, draft-free place for about 1 hour (should double in size).
When ready to bake, remove plastic wrap. In a small bowl, whisk together the egg white and water for the egg glaze. Brush glaze over the unbaked dough. Bake in a preheated 350 degree F oven for 30-35 minutes.
Remove from baking sheet by sliding the parchment paper onto a wire rack to cool completely.
FOR THE GLAZE:
Whisk together the powdered sugar, milk, and almond extract. Spoon over the cooled braid. Sprinkle immediately with sliced almonds.
Slice reserved cherries in half and place on top. Allow glaze to set, about 10 minutes. Slice and enjoy!
Notes
Read the directions prior to assembling. Make sure you have time (this does need time to rise). And make sure you everything you need to make it. I like to put everything I need to make it on the counter, and put the ingredients away as I use them. I
Use parchment paper! Not only does it help create a barrier from your bread to your pan to prevent sticking, but clean up is so much easier.
Be sure to lightly flour your hands before kneading the dough to prevent them from getting sticky.