In a small skillet, heat 2 tablespoons of the olive oil until shimmering. Add the bread and cook over high heat, turning until toasted; cut into small cubes.
Transfer the cubes to a mini food processor. Add the almonds, hazelnuts and garlic and pulse until finely chopped. Add the remaining 1 tablespoon of olive oil and the water and process to a paste. Add the parsley and pulse to combine.