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Real Madrid eliminated the most difficult team. Manchester City were the clear favourites. When Real beat them, let's be honest, they had no rivals left. The other 3 teams are not their rivals right now. Real beats Bayern easily. Unless there is a surprising development or an early red card, Real Madrid will definitely beat Bayern. Whoever comes to the final will be champions. They are doing great in Spain and UCL. Even the rotation squad is at the Champions League level.
Even though I am not a Real Madrid fan, I admit that Real Madrid is the main favorite to win the Champions League title this season. It is certainly not certain that Real Madrid will be able to beat Bayern Munich in the semi-finals, but Real Madrid's chances are very high considering the experience and solid performance of its team.
Bayern Munich can basically be considered a team that can also threaten Real Madrid to fail to qualify for the final. However, as a La Liga fan, I know the strength of Real Madrid and that is an advantage that Bayern Munich does not have. Real Madrid is a team that has big ambition to win titles in all competitions, they are a team that never gives up even if they are behind in a match. However, there is no reason to underestimate Bayern Munich because both teams have classy players who can help their teams to qualify for the final.
Madrid has more complete attributes, each line is filled with talented players and has experience in winning the Champions League. Although Bayern has a good reputation in the Champions League too, the reputations and mentalities of the two teams are clearly very different. Moreover, if you judge Bayern consistency this season, they could easily suffer a surprising defeat, like what they felt against Lazio.
For Madrid, beating City was much more difficult than beating Bayern, and in the previous quarter-finals they had proven successful in getting rid of Pep Guardiola fleet. Of course Bayern should not be underestimated, they also have a good attack line thanks to Kane presence. Apart from that, it is quite difficult to predict the result of Madrid match against Bayern, but the failure of Tuchel fleet in the Bundesliga adds another reason that makes us believe that Madrid deserves to be the favorite to qualify for the final.
On the other hand, both Madrid and Bayern will rely on their respective home games to win, but I think in the first leg the two teams will play a draw. From another point of view, Madrid players have better self confidence, where they are strong candidates to win La Liga this season, compared to Bayern who failed to maintain their dominance in the Bundesliga.