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In a large bowl, combine the eggs, water, sugar, yeast, dry milk, and 3 cups of the flour. Let the mixture rest for 15 to 20 minutes; this gives the yeast a chance to get going.
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Add the salt, butter, zest, raisins and 2 more cups of the flour, stirring until the dough begins to pull away from the sides of the bowl.
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Knead the mixture, adding enough additional flour to make a soft, smooth dough. If you're kneading by hand, this will take about 10 to 15 minutes. If you're using an electric mixer, about 7 minutes at medium speed is sufficient.
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Place the dough in a lightly greased bowl, cover it, and let it rise for about 1 hour, or until it's noticeably puffy. Gently deflate the dough, turn it over, and let it rise for an additional hour.
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Transfer the dough to a lightly oiled work surface, and divide it into three pieces. Shape each piece into a rough log; then roll each log to make long ropes, about 34" long. The dough will want to shrink; when this happens, simply let it rest for 10 minutes, covered, then roll it some more.
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Braid the ropes together gently and form a circle by weaving the two ends together as well as you can. Place the wreath on a large, well-greased baking sheet and let it rise, lightly covered, for 45 minutes to an hour, until it's noticeably puffy though not necessarily doubled in bulk.
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Just before you place it in your oven, brush the surface of the wreath with the egg and water, and sprinkle on a generous handful of sliced almonds.
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Place the wreath in a cold oven, set the temperature to 400°, and turn the oven on. Fifteen minutes after you turn the oven on, reduce the heat to 350°F and bake for a further 25 to 30 minutes, until the loaf is golden brown and a digital thermometer inserted into the center registers at least 190°F.
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Remove the wreath from the oven, and transfer it to a rack to cool. Store at room temperature, well wrapped, for several days; freeze for longer storage.
