Wins against Aston Villa and Norwich City have rekindled the Cottagers' faint survival hopes.
Their manager has called for caution and has stated that there are still many tough steps ahead if they want to avoid relegation, starting with Tottenham Hotspur this weekend.
"It's not the time for celebrating," Magath told reporters. "There are a lot of days between when we can celebrate and now.
"At the end of the season, anything is possible. We can see that everybody has a chance [to stay up], so we go to Tottenham to try and win.
"This is the first step, not the end, we have to care about the next games and the next opponent."
Fulham travel to Spurs on Saturday afternoon.