France is always seen as the favorite team on paper. They were the team that made it to the final from the last world cup from the European continent. Even if they are unlucky against Argentina, at least after seeing their efforts, my favorite for the European championship would be France. Italy is also a strong European team. We have to remember what they did in the last European championship.
Italy may be a strong team but I don't consider them a favorite to win the UEFA Euro 2024. After all, they didn't even qualify for the last World Cup. We will see how well will they perform at the Nations League final four in a couple of months. I think that they don't have what it takes to beat Spain in the semi final game.