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Bayern are not favorites in the Champions League right now, but they are definitely one of the contenders. Everyone is trying to remember Arsenal's amazing results in the Premier League, but the Champions League is a different tournament and Bayern is a team of a completely different level. As far as I can compare these opponents, it is clear to me that Bayern are superior to Arsenal, despite all the difficulties that the team has had to go through this season. Besides, every team has its downturns, and it may be good that Bayern went through this difficult period earlier, as far as their recent results are concerned.
When the Champions League rolls around this season, Bayern Munich status is considered equal to Real Madrid and Manchester City in terms of opportunities to win the trophy. Along the way, Tuchel squad experienced several shocking defeats, thus creating a new perception that their chances were now lower than before. Now Bayern Munich has appeared consistent again in the Bundesliga, beside their greatest luck in the Champions League is turning things around when facing Lazio.
Meanwhile, Bayern Munich is still considered one of the teams challenging for the title, even though many now doubt them. Facing Arsenal is a test of their true strength, if Bayern Munich is able to overcome the resistance offered by Arsenal, in my opinion the opportunity for Tuchel squad to reach the final is very open. Now Tuchel will mobilize all the potential and focus of his squad on the Champions League, they will try their best to maintain the only remaining hope for this season.