Indeed, neither were expected to win the Euros given their recent history of underperformance at major tournaments, but each side has produced exciting football featuring a mixture of youth and experience this summer.
However, there are question marks over some of their defenders, and with both being placed into a difficult bracket it will be interesting to see if they can withstand opposition attacks.
Elsewhere, pre-tournament favourites England and France have struggled to this point, but the immense quality at Gareth Southgate and Didier Deschamps's disposal cannot be dismissed especially considering that their squads boast world-class talents such as Jude Bellingham and Kylian Mbappe.
With this in mind, let's take a look at the strengths and weaknesses of the favourites at Euro 2024.
What are England's strengths at Euro 2024?
Southgate's squad is among the most talented in world football, and this is no more apparent than in the forward line.
For instance, in domestic leagues Harry Kane has 316 goals and assists in his career and in his debut season with Bayern Munich he managed to score a career high 36 times, a rate of 1.14 goals per 90.
Elsewhere, Real Madrid's Jude Bellingham has been touted as a potential Ballon d'Or winner following an exceptional season with Los Blancos in which he won both La Liga and the UEFA Champions League, recording 34 goals and assists in those competitions.
Bellingham's ability to drive forward with the ball, his technical security in tight spaces and his instinct to arrive into the box at the right moment to score are impressive traits for such a young player.
Additionally, many were concerned about England's defence in the absence of Harry Maguire, but Marc Guehi has stepped up and the Crystal Palace defender has shown he can produce a high defensive level even on Europe's biggest stage.
What are England's weaknesses at Euro 2024?
While England undoubtedly boast incredible attacking talent, it is concerning that Southgate has been unable to make the most of any of his forwards at Euro 2024.
Indeed, the likes of Bukayo Saka, Phil Foden and Bellingham have all struggled to replicate their club form for the Three Lions.
For example, out of the 24 teams originally at Euro 2024, England ranked 22nd in terms of xG, as well as 16th for touches in the opposition box in the group stage.
The reason behind these struggles is largely tactical, with Southgate so far unable to find the right balance in midfield and attack.
His decision to experiment with Trent Alexander-Arnold in midfield highlights this, as while the right-back is one of the best passers around, Southgate placed him in an unfamiliar position without direct runners in the forward line, and this has expectedly stunted his impact so far.
Additionally, England's overly cautious approach in matches when they take the lead is concerning given it naturally allows opponents to apply pressure onto the backline.
If England were to enable the likes of Ralf Rangnick's Austria to exert such pressure in the latter stages of the tournament, this could play to their opposition's strengths with disastrous consequences.
What are Spain's strengths at Euro 2024?
Arguably the competition's best performing side so far, Spain have been praised for their attacking quality, with the likes of Nico Williams and Lamine Yamal particular standouts.
The pair have benefited greatly from manager Luis de la Fuente's tactical style, especially as he has shown a willingness to play more directly into the forward line than predecessor Luis Enrique.
Indeed, Williams has demonstrated his explosive speed on the left while Yamal, who is still just 16 years of age, has been a direct one-versus-one threat on the right.
Yamal's creativity, agility and weight of passing is remarkably mature for someone with so little senior experience, and the fact that De la Fuente has managed to get him into such threatening positions so regularly is impressive.
To add to this, the midfield three behind the forward line is incredibly well balanced.
Rodri's ability to keep games under control is complemented by Fabian Ruiz's progressive passing and aggressive pressing, and Pedri's role as an energetic connector between midfield and attack helped Spain dominate games against Italy and Croatia.
What are Spain's weaknesses at Euro 2024?
Spain are yet to truly show any significant weaknesses at the tournament, such was their dominance against the likes of Italy, but there are still areas of the squad that could lead them to encounter difficulty as the competition continues.
For instance, though some defenders like Marc Cucurella have performed well at the Euros so far, it is fair to say that Spain have few defenders at club level that can be described as being elite defensively.
The likes of Aymeric Laporte are excellent during buildup phases but can struggle when defending the box and wide zones.
Additionally, striker Alvaro Morata has performed well for Spain, but he has never been particularly consistent in front of goal and it could be argued that De la Fuente has been overly reliant on his wide players for final third threat.
What are Germany's strengths at Euro 2024?
Much like their Spanish counterparts, Germany have excelled as an aggressive and attacking team.
Spearheaded by young talents Jamal Musiala and Florian Wirtz, Germany have caused opponents numerous issues at the Euros.
For instance, Kai Havertz, Ilkay Gundogan, Musiala and Wirtz are all comfortable dropping deep and rotating positions.
When coupling this with the use of overlapping full-backs, Julian Nagelsmann's team have been able to stretch opposition defences while also dynamically rotating in dangerous central areas behind their opponents' midfield.
Additionally, the use of Joshua Kimmich as a wide but deep right-back has been key to much of Germany's success, especially as it has so far provided the Bayern Munich man with the room needed to make progressive passes.
To top this off, legendary midfielder Toni Kroos is showing no sign of decline and has played the most accurate passes per 90 of any player at Euro 2024 so far.
What are Germany's weaknesses at Euro 2024?
One of the potential issues with Nagelsmann's system could be that it may not have the necessary defensive coverage to win the tournament.
The use of Kimmich and Maximilian Mittelstadt as overlapping full-backs means that opponents have had space to attack in wide areas.
This normally would not be an issue if the team had the required profiles in midfield and defence to compensate with defensive cover, but the likes of Kroos do not excel in this regard.
This has meant that Robert Andrich has had to take on a large defensive workload in midfield, while centre-backs Antonio Rudiger and Jonathan Tah have had to cover wide areas, though both have been culpable for defensive errors in the past.
What are France's strengths at Euro 2024?
Just like England, France have one of the most talented international squads in world football.
Few can claim to have players on the level of Mbappe, Aurelien Tchouameni or Mike Maignan, and fewer still can claim to have squad depth of similar calibre.
Even though Deschamps has yet to perfect the dynamics of his team, he has once again showcased an ability to maximise the individual impact of some of his key players.
Against Austria, for example, while Les Bleus did struggle against Rangnick's aggressive press, they were still able to achieve victory due to the relationship between Mbappe and Theo Hernandez.
The pair worked excellently on the left flank and were able to bypass opposition players due to their high technical level and intelligent combination play.
Others like N'Golo Kante have provided France with an ability to win the ball back high up the pitch, and in the latter stages of the tournament this could also be vital when protecting a lead in the closing minutes of a match.
Indeed, although Tchouameni is yet to establish himself as a starter for France, the prospect of trying to play through a midfield pairing of him and Kante would no doubt be daunting for opposition teams.
As well as this, it is fair to say that France are arguably the best counter-attacking team left in the tournament, with the likes of Mbappe having the pace and skill necessary to quickly attack the opposition box in transition moments.
What are France's weaknesses at Euro 2024?
Although France are immensely talented, they have faced similar criticisms to England in the sense that many commentators feel Deschamps has so far failed to maximise the entirety of the quality at his disposal.
Critics have pointed to the fact that Les Bleus have not scored from open play and relied on an own goal to defeat Austria.
To make matters worse, France's record without Mbappe has been poor given they have not won any of the last seven games he has not started, losing twice and drawing five times in those matches.
Deschamps has also struggled to find balance in other areas, as while the likes of Kante and Adrien Rabiot have performed well at times, neither are particularly comfortable at the base of midfield.
Pairing Tchouameni with one of them would likely alleviate some of these issues, but against Poland in the final group game, Deschamps played all three and dropped Antoine Griezmann to do so.
This had the effect of disconnecting France's midfield from their attack, and unless Deschamps cements the Real Madrid star in his XI alongside Griezmann and just one of Rabiot or Kante then these problems will likely persist.
Exciting knockout football
The nature of knockout football means that predicting the winner of Euro 2024 is difficult, especially given that talented squads like England and France have underperformed and are not guaranteed to progress to the latter stages.
However, with France, Germany and Spain all qualified in the same bracket, fans could be in for exciting and entertaining clashes in the upcoming rounds of the tournament.