The Craven Cottage outfit looked to be heading for the drop until back-back wins over Aston Villa and Norwich City rekindled their survival hopes.
Fulham, who travel to Tottenham on Saturday, are now just two points from safety and have four games left to ensure their top-flight future.
But Magath has urged his players not to congratulate themselves too much after a recent upturn in form.
"At the end of the season almost anything is possible," the German said. "We can see that everybody has a chance (to stay up), so we can go to Tottenham and try to win.
"It's not the time for celebrating, there are a lot of days between when we can celebrate and now.
"Now we go to Tottenham and have a very tough game, we have to try and win that.
"This is a first step, not the end, we have to care about the next games and the next opponent."
Fulham surrendered a one-goal advantage with just 17 minutes remaining to lose 2-1 against Tottenham in December's reverse fixture.
