Italy is really a trustworthy team, knocked out world number one Belgium, and now it looks very likely that the final will be Italy v England.
I had expected France to play Portugal again in the final, but both of these two teams all ended in the round of 16.
Italy is indeed one of the strong candidates to win Euro 2020, but that does not mean they will definitely come out as champions. In the semifinals, Italy will meet Spain. Although Spain's performance at this Euros was not very good, Spain is still a big team that also has a winning mentality (Spain has won the Euros three times).
The ball is round and I think both Italy and Spain have an equal chance of qualifying for the Finals.