Thierry Dusautoir believes Toulouse have no cause to panic - despite losing their unbeaten record against the Ospreys.
The French captain returned to action at the Liberty Stadium after an eight week injury lay-off and found himself on the end of a 17-6 defeat that opened up Pool Two.
Toulouse have to host Benetton Treviso and then travel to Welford Road to face Leicester Tigers in January and have lost top spot to the Tigers, trailing their English rivals by a point after their last gasp win in Italy.
Victory for the Ospreys also threw them a European lifeline. They host Tigers in one of the top fixtures in Round Four and then have to travel to Italy for their return leg against Benetton Treviso.
"There are two games left and we are still able to qualify. We haven't lost our qualification chances, we've just lost a game," said Dusautoir.
"Last year we lost to Harlequins and Gloucester and we still qualified for the quarterfinals, so it is not over yet. Maybe if we'd shown the same spirit as the Ospreys we would have done better.
"We knew it was going to be a really hard game, but we never expected we were going to play so badly. We are really disappointed by our game.
"The Ospreys played fast rugby and had a good strategy. Of course the Ospreys can beat Leicester and they can still qualify for the quarterfinals," he added.
The New Year will also give Dusautoir the chance to re-establish himself in the French side in the Six Nations after missing all the year-end Tests.
"I played 50 minutes and I am happy. I am just thinking about recovering and playing some good rugby," added Dusautoir.
"This was my first game for eight weeks and it was quite strange to play a Heineken Cup game straight away after such a long lay-off. I was happy overall with my game, but disappointed at our defeat," he said.