Step 1: Trim the crusts from a 1-inch-thick slice of bread. In a skillet over medium heat, heat 1 tablespoon of the oil. Add the bread and fry until golden on both sides, about 5 minutes total. Transfer to a plate and let cool.
Step 2: In a food processor, pulse all of the bell and chile and hot peppers along with the garlic, nuts, and the fried bread slice. Pulse until combined but still chunky.
Step 3: Add the tomatoes and pulse to combine. Then add the remaining oil (3 tablespoons) and vinegar and pulse. The mixture will emulsify quickly. Add the salt, cayenne, and smoked paprika, if using (the romesco sauce should be thick but also have a slightly viscous quality, if it seems on the thick side, add 1 to 2 tablespoons of water). Taste for salt and heat and acid and season accordingly.
Step 4: You can cover and refrigerate the romesco for up to 5 days. It just gets better and better with every day the flavors are allowed to meld so I suggest to make this a day or up to 5 days before using it.
Step 5: Slice the remaining bread, allowing 1 to 2 pieces per serving, and grill or toast until lightly browned. Serve with the romesco.
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