The Gunners last remaining hope of silverware – and arguably of salvaging respectability for their campaign – lies in the Europa League, in which they face AC Milan in the round of 16 first leg on Thursday.
"It makes me think a little bit about last year," Wenger said. "Last year with the FA Cup, we made 75 points in the League and missed the Champions League by one point only.
"75 points is still a very good score what we will not reach this season. This is an opportunity we have to take, yes, of course. It increases the pressure on it even more on this competition.
"At the moment, it is certainly difficult when you go through a patch like that but I believe as well it is a good opportunity to show you have the quality and the strengths.
"You can only show that when it is difficult. It is a good opportunity to show we can deal with that and as well, on the longer term, it will make the team even stronger.
"The players are a bit affected by what happens because the players want to win. In life, you forget quickly how good you are.
"When you have a bad week, players change their mind about their own quality.
"We have not to forget we are good football players. But as well to fix reachable targets.
"Be practical, pragmatic - focus on what you can do better and analyse well what you didn't do well and not be scared too much about the consequences of a bad result.
"Focus on defending better, playing quicker and doing more things together. Reachable targets to improve the team."