In a saucepan add water, sugar, lemon & orange slice, cinnamon stick. Boil for 5 minutes over medium to high heat. Remove from heat and allow to cool for 10 minutes. Add honey and stir well. Let the syrup cool down.

In a bowl add the orange juice, olive oil, melted butter, icing sugar, cinnamon, cloves and mix well using your hands.

In a bowl sift the flour and mix with baking soda. Gradually add the flour mixture into the wet ingredients. Knead the dough well, until the mixture thickens and all ingredients are incorporated.

Roll the dough with your hands and form the melomakarona into an oval shape. Put the melomakarona on a baking tray lined with parchment paper. Bake for 30-35 minutes until golden brown.

Once out of the oven, dip the melomakarona in a bowl filled with the syrup. Allow them to rest on a baking rack and absorb the syrup, until completely cool.

Top the melomakarona with the chopped walnuts and drizzle with honey.