Atletico Madrid head coach Diego Simeone concedes that a third place finish is the best the La Liga champions can hope for this season after losing yet more ground at the top after a 1-1 draw with Valencia on Sunday. Beating Real Madrid and Barcelona to the Spanish title last term, as well as reaching the final of the Champions League, were remarkable achievements but it appears Atletico will fall some way short of matching the Spanish giants this season. The draw at home to fourth-placed Valencia means Simeone's men have won only one of their last four La Liga outings and are now seven points adrift of leaders Barca and six behind second-placed Real with 12 games left. Koke's fierce low strike was too much for Valencia goalkeeper Diego Alves to save . But Shkodran Mustafi (second right) headed in Valencia's equaliser in the 78th minute . Atletico manager Diego Simeone admits the limit of his side's ambition this season is to finish third . A resurgent Valencia are breathing down Atletico's necks a point behind in fourth and Simeone said he and the players are determined to hang on to third and secure a place in Europe's elite club competition for next season. Sevilla, who held Atletico to a 0-0 draw at their Sanchez Pizjuan stadium at the start of the month and are five points behind Valencia in fifth, are also still in with a chance of a Champions League berth. 'The league is long and we have always said that our championship is competing against Valencia and Sevilla,' Simeone told a news conference after the stalemate at the Calderon. Koke leads the celebrations after putting Atletico into a first-half lead . Koke is mobbed by his team-mates after his goal had put Atletico ahead against rivals Valencia . 'Neither could beat us in these last two matches and we still have the one-point advantage that we need to protect,' added the former Argentina captain. 'Reinventing ourselves the way we have and competing the way we are competing is a great achievement for the players. 'Hopefully when the season ends we will have secured that third spot.' Atletico were unfortunate not to take all three points on Sunday after Valencia rode their luck to steal a late equaliser that cancelled out Koke's first-half strike. Mustafi celebrates his header with Rodrigo Moreno in the draw at the Vicente Calderon . Mustafi's goal leaves Spanish champions Atletico are seven points adrift of leaders Barcelona . A Dani Parejo free kick ricocheted off the Atletico crossbar and centre back Shkodran Mustafi reacted quickest to nod home. Atletico have a trip to Espanyol in La Liga on Saturday before they host Bayer Leverkusen in the Champions League last 16, second leg on March 17. The Bundesliga side won last month's first leg in Germany 1-0.
Atletico Madrid were held to a 1-1 draw by Valencia at home on Sunday . Diego Simeone's side fell seven points behind table-toppers Barcelona . The Argentine admits that third is the best his team can hope for . CLICK HERE for the La Liga table Â .