Arsenal are playing with a home advantage and are the bookies favourite to win the match, though alot of people feel they might find it tough winning PSV due to the current injury crisis they're facing in their defense line, i think Arteta has to be very tactical in that match because he's not playing against against a small Premier league team he'll give chances.
PSV is one of the biggest team in the Eredivisie League and they've been consistent in qualifying for the Champions League over the years, also are doing very well in their league too, last season they finished second and are currently second in the league this season with 9 points, winning all their matches so far therefore they shouldn't be underestimated because they're capable of facing Arsenal and could suprisingly defeat them if Arteta doesn't strategies properly.
On paper, Arsenal are very favorites in this first leg. Moreover, Arsenal will be playing at home, of course that will be a positive value for them when the first leg starts. I'm sure Arteta is ready enough with the existing strengths and they will even try hard to put strong pressure on PSV in the first leg. I'm sure PSV will find it difficult to provide competition for Arsenal because Arsenal played quite impressively at home like when they beat Manchester United.
However, for PSV they had a sweet record last season when PSV beat Arsenal in the European league. Of course, this will give them confidence to provide stronger resistance. However, betting on Arsenal to win is still our favorite in this match.