"At this stage of the competition every team is going to be difficult. We know all about PSV, having already played them twice this season, but that doesn't mean it will be easy," the Reds' boss told the club's official website.
"Sometimes knowing your opponents well can be an advantage but sometimes it can be a disadvantage because they'll also know all about us. We must be cautious.
"I'm sure the supporters will be happy with the draw but we don't want to make the same mistake as last year when went out against Benfica. Then, everyone was saying we'd go through but, of course, Benfica beat us home and away.
"PSV are a very good team. We may have beaten them at home but they held us to a goalless draw at their ground. They have improved since we last met and showed their quality by beating Arsenal in the last round. There are no favourites in this tie.
"Playing away from home first can be good as it means there'll be another special atmosphere at Anfield for the second leg. We are really close to the semi-final and need the support of everyone to help us make this next step. This is the most important game we'll play in the next month and I'm looking forward to it."