"The position was far more precarious a few months ago when we were at the bottom of the table and behind Derby by a point. At least now we are in with a fighting chance.
"Although we have lost our last three games, the mood is still one of enthusiasm, of commitment.
"We've had some decent results and good performances in the UEFA Cup, and that is in a season where we have been battling from minute one."
Naturally, though, the focus is on the league and while Bolton's cause against Sporting is aided by the fact they have no game this weekend, the relegation clash at Wigan in 11 days' time is already paramount in Megson's mind.
"Regardless of how we shape up going into the second leg, without a doubt the focus will be on Wigan," insisted Megson.
"Premier League survival is so important. You've heard Kevin Keegan at Newcastle say it is absolutely imperative they don't go down.
"I've heard the chairman at Fulham say the same thing, and we're saying the same thing because everybody recognises the importance of being in the Premier League.
"So the most important thing for us are our next 10 league games."