In a medium bowl, whisk together the egg yolks and lemon juice until creamy and smooth.
In a saucepan, bring the chicken broth and water to a simmer over medium heat. Remove from heat.
Slowly drizzle a small amount of the warm broth into the egg yolk mixture, whisking constantly to temper the eggs and prevent curdling.
Gradually add the remaining broth to the egg mixture, whisking continuously.
Return the sauce to the saucepan and heat over low heat, stirring constantly, until it thickens slightly. Do not let it boil.
Season with salt and pepper to taste. Serve immediately with fish, chicken, or vegetables.
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