I would like to call Arsenal a win or draw the result in the first leg. The worst scenario is Arsenal to lose at home game.
Of course Arsenal must be able to take advantage of the status as a host in the 1st leg. At the moment, the statistics of the two teams are not much different, they are equally strong. I think there will be a difficult game. Even if you remember in the last 16 of UCL in 2016/2017 Arsenal lost by a margin of 4 goals at home or in Germany. After that, it seems that they haven't competed for a long time. Arsenal are in good condition, they still continue to compete as potential EPL champions. As for Munich, it seems they have been focused on the UCL cup. So they will work hard to win in the 1st or 2nd leg. They have the provisions to do that.
In my previous before this particular one now, I suggested that Bayern Munich's current poor performance I think will give Arsenal more hopes and belief that they can actually eliminate Bayern Munich from the competition despite the fact that Arsenal are always the victim when the two teams meet each other.
Bayern Munich as we all know have a very superior record against Arsenal in the history of the UEFA Champions League competition but Arsenal must learn how to get past any thought that will make them think that the current Bayern Munich squad will be strong enough to stop them from progressing to the next stage of the competition because from all visible evidences, Arsenal have been a better team than Bayern Munich this season and would definitely eliminate the German champions if they can put in their best against them in the two-legged quarter final encounter