In their last two matches, Frank Lampard's side have beaten Chelsea and Leicester to move out of the relegation zone.
But the Toffees have only picked up nine points away from Goodison Park, and their win over Leicester was just their second victory on the road this year.
Meanwhile, Watford are down following a 1-0 defeat to Crystal Palace on Saturday, so they are playing for nothing but pride and seeing if they can take Everton to the Championship with them.
The Hornets have the worst home record in the league, winning just two of their 17 league games at Vicarage Road.
It promises to be a tense and nervy affair, but if Everton can win, you would think they should have enough points to remain in the top-flight.
Watford v Everton: talkSPORT coverage
This Premier League clash will take place on Wednesday, May 11 at Vicarage Road with kick off at 7:45pm.
Commentary will come from Sam Matterface and former Everton striker Kevin Campbell.
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Watford v Everton: Team news
The hosts will likely be without Cucho Hernandez as he recovers from a hamstring injury.
Tom Cleverley and Craig Cathcart were doubts before the match against Crystal Palace, but both started at Selhurst Park, so they should be fit enough to feature.
Therefore, apart from Hernandez, Hodgson has a full squad to choose from, but he could decide to rotate after Watford's relegation was confirmed.
Everton were without Ben Godfrey, Nathan Patterson, Andros Townsend and Donny van de Beek against the Foxes on Sunday.
Townsend and Patterson are out for the rest of the season, while Godfrey should return to first-team training this week.
Richarlison also has a sore ankle, but it would be a surprise if he misses the match against his former side, given Everton's position in the table.
However, Yerry Mina was withdrawn in the win on Sunday, so it remains to be seen if he will be available.
Watford v Everton: What has been said?
Watford boss Roy Hodgson: "We'll go out there and believe in ourselves, and prepare ourselves for what's going to come from Everton.
"We will try to keep them out and get in behind them and score goals.
"It's a quick turnaround and the players gave a lot today. We aren't a hopeless case by any stretch of the imagination."
Evertn boss Frank Lampard: "We know it's not done, we are not celebrating anything but three points and we have work still to do.
"The lads are fighting and we are fighting together as a club."
Watford v Everton: Match stats
Everton boss Frank Lampard has won all three of his Premier League meetings with Watford's Roy Hodgson by an aggregate score of 9-2 - it's his best 100% win rate as a manager in the top-flight, while only against Jürgen Klopp (8/8) and Mauricio Pochettino (5/5) does Hodgson have a higher 100% loss record.
Watford's Samir and Hassane Kamara have ended on the losing side in all seven of their home Premier League appearances so far. No player in Premier League history has lost their first eight home games, with seven the record previously held by David Goodwillie (2011-12, Blackburn), Danny Ward (2009-19, Bolton & Cardiff) and Neeskens Kebano (2018-20, Fulham).
Watford striker Josh King has scored more Premier League goals against Everton than he has vs any other side in the competition (8), including a hat-trick at Goodison Park in the reverse fixture in October.
Everton are looking to win three consecutive Premier League games for the first time since March 2021, while they last won consecutive away league games in May the same year. Indeed, the Toffees' 2-1 victory at Leicester ended a 15-game winless run on the road.
Watford have conceded 41 home Premier League goals this season - only three sides have ever shipped more in a single campaign; Wolves in 2011-12 (43), Derby in 2007-08 (43) and Swindon in 1993-94 (45).
Watford have been relegated from the Premier League before the final day of the season for the third time; on the previous two occasions, they lost their first match after relegation was confirmed (1-3 v Leeds in 1999-00 and 0-1 v Sheffield United in 2006-07).
Watford have lost their last 11 home league matches, the longest run of home defeats in top-flight history. In Football League history, the only side to lose more than 11 in a row at home was Rochdale between November 1931 and August 1932 in the Third Division North, a run of 14 home defeats.
Everton have lost three of their last four Premier League away games against Watford, though they did win 3-2 on their last visit to Vicarage Road in February 2020.
Watford won the reverse fixture against Everton 5-2 in October and are looking to pick up consecutive league victories against the Toffees for the very first time.