The Giallorossi lost 5-2 at Anfield to leave themselves with an uphill battle to reach the Champions League final - despite two late goals from Edin Dzeko and Diego Perotti.
While admitting the result was far from ideal, the Spaniard insisted Roma still have a small chance in the tie - and they must channel those hopes to pull off the remarkable once again.
“It’s a difficult moment, we were in form heading into this game and the result is not good," Monchi said.
"But up until the final 10 minutes we were out of the competition. Now we still have some hopes, and we must take this small chance and do the same thing we did against Barcelona.”
He added: “I always have faith in my team. It’ll be difficult, we have done it once before and they will know that they cannot afford to underestimate us.
"We have to have confidence and believe in it. The fans will be cheering us on – and 90 minutes at the Olimpico can be very long."
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