I sure there will be many people who make Liverpool the favorite because they have played well for 4 match getting 4 win and plus this is home match for Liverpool.
Previously Real Madrid had performed less stable until getting 2 defeats in this UCL competition, but it is indeed difficult to believe to really make sure Real Madrid will win later, I little skeptical about various big match like this due to several previous match and I think draw could happen or it is even possible that there be surprise with Liverpool win.
I think it's too early to over-favor Liverpool, it's true that so far Liverpool has continued to show impressive performance but there is no guarantee that they can maintain their consistency until the end of the season and also there is the Champion League which since last season has always been difficult for any team.
However, for the match between the two teams in the next meeting of course this will not be easy for both teams, Liverpool is indeed in top form but Real Madrid is a top team that has a very high mentality in the Champion League stage so they can do anything in one match to make a surprise.
Of course this will be a fierce match for both teams, I think here there is no one who is over-favored.