WEDNESDAY night's draw with Wigan means the Hornets are still seven points from safety with only 11 games remaining.
Aidy Boothroyd, though, still believes his side can beat the drop but knows they must start stringing wins together.
"We are running out of games and it's alright for me to say we are going to be OK but the end will come soon," he said. "It's whether we make it a good end or a bad end. It's definitely not over. I still believe we'll get out of it and I think we are equipped to do it. We know what's required.
"We are still in there and we are going to keep going all the way. We are fighting for our lives but we'll be alright - I'm convinced of it. We have got 11 games left, we know what our run in is and they are 11 massive games."
Boothroyd continues to draw strength from the run Portsmouth went on last season but whether his Watford side have the same quality and match-winners Harry Redknapp had at his disposal is a moot point.
"We have got one more point than Portsmouth had at this stage last year," said the manager. "They did it and so could we. We would have liked the three points on Wednesday, to lessen the gap and to move off the bottom.
"It actually feels like a loss and I'm sure it does to the fans. We were 1-0 up playing against ten men and it should have been game over. Once we get in front we should stay in front.
"We just let things slip and after that they just dropped further and further back and it was a case of damage limitation. They probably came for a point and they got one. It was up to us as a home side to break them down and we didn't have enough quality on the night to do that."
Watford will lick their wounds and prepare for tomorrow's (Saturday's) visit of David Moyes' men who will be reeling from the last-gasp midweek defeat they suffered at the hands of Tottenham Hotspur.
"There will be a backlash from them as they got done at home but we've got something to prove and not just to this league and the doubters - we have got a point to prove to our fans," insisted Boothroyd.
"We have got to get back to that West Ham sort of performance with an Ipswich type result. If you are going to win a game then the best time to win it is at the death."
Alan Stubbs is a doubt for the Toffees after picking up a thigh injury in Wednesday's defeat to Spurs, while Andrew Johnson is likely to be out with a knee problem he suffered during training in Spain last week. Australian midfielder Tim Cahill returns after serving a one -match ban.
The danger man is on-loan Benfica star Manuel Fernandes, the Portuguese international who moved to Goodison Park on transfer deadline day last month. He has impressed in the two games he's played against Blackburn and Spurs with his direct running and fine distribution.
The former Portsmouth loanee was also a hit on the south coast but Redknapp had reservations over the fee he was quoted to make the deal permanent.
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