This article develops a model of Air Traffic Flow using an Eulerian description with hyperbolic partial differential equations. Existence and uniqueness (well-posedness) of a solution to the system of partial differential equations on a network is established. Subsequently, an optimal control problem is studied with the junction coefficients as control variables. We use a continuous adjoint approach and we implement it on a network with 16 links and 5 junctions, demonstrating the computational efficiency of this method.