The Reds were beaten 1-0 by Villarreal in the semi-final first leg at El Madrigal on Thursday night after an injury-time goal from Adrian Lopez.
In the quarter-finals, Liverpool famously came from 3-1 down to beat Borussia Dortmund 4-3 to progress and Toure feels another comeback is on the cards when they host Villarreal in the return bout at Anfield next week.
"We showed against Dortmund that we can respond and we will do it," said Toure.
"It was a good display, we created chances and passed well but at the end they had the crucial goal.
"We know we can do it but we just need to believe and learn from the mistake we played and play the same game that we did against Dortmund."