The Gunners bounced back from defeat at Bayern Munich to win at Wolves yesterday.
Odegaard said: "Today was just about coming back and winning, and we did, so I'm happy.
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-"It was a big, hard disappointment to exit the Champions League, because we wanted to go further in the tournament.
"The good thing about football is that you always get one more chance, and there is still a race going on that can be won. Today was a good step."