While Moyes knows it is a significant match he refuses to accept they will be knocked out of contention if they lose.
"It is a vital game now because games are running out," he said.
"We are the big underdogs to get anywhere close to that but the way they have been playing keeps us hoping there is a real chance.
"There is a lot to lose because if we didn't win it the media would be the first to say we wouldn't make the Champions League.
"But from the other point of view we feel no matter what happens we are still in the fight for a European spot and for Everton to be saying that at this stage of the season is a positive thing.
"Maybe after Tuesday night you could be saying Everton won't make the top four but probably for the last three months people have been saying we won't make it.
"But we could lose to Arsenal, win all our remaining games and still make the Champions League depending on results."