Despite taking the lead at the Stadium of Light on Thursday night, the Magpies were eventually beaten in Portugal.
"There's no reason why we can't win the game next week," Taylor told Sky Sports News. "We can cause them problems, get in their faces and not let them have time on the ball.
"We proved that we could win this tie, but a couple of sloppy goals gave them the advantage. You can't afford to do that."
Newcastle welcome Benfica to St James' Park for the return leg on March 11.