Nice to see that everything working now!Thanks for your replies. I read the config again. Seems like the default was to use UDP and Mikrotik doesn't support it. Changed the server config to TCp and its working now.
Now I can begin writing scripts for failover.
Turn on logging ovpn in Microtik Router (System->Logging) and post here what it say when you try to connect...How do I start trouble shooting?