Quick answer: However you like, since it's not specified in canon literature.
My answer: eye-you-DAR-ah, but my pronunciations are inflected by the fact that I am bilingual, and I tend to pronounce fantasy names more often with a German twist because I think it sounds "cooler".
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As the guy who made up the word, I've always pronounced it "EYE-you-DAR-uh."
If you'd like to ruin your sense of wonder and verisimilitude:
It's pronounced similarly to "ayudar," which is Spanish for "to help." I can no longer remember whether the similarity was intentional, but the elf gates help you get from place to place...
SUSPENSION OF DISBELIEF: RUINED