Before the quarterfinals began, here are the odds on the title holder:

England - 4.75

Spain - 5.00

France - 5.50

Germany - 5.50

Netherlands - 8.00

Portugal - 10.00

Switzerland - 15.00

Turkey - 34.00

It is quite strange to see England as favorites (after such an unconvincing game), but it so happens that in one part of the tournament bracket there are England and the Netherlands, and in the other Germany, Spain, Portugal and France.
It is obvious that England's path to the final will be much easier than the rest.
In general, fairly fair quotes and I must note that there is actually no favorite. Now compare that to the Cup of America