The Germany boss has insisted that the reigning champions are still the team to beat, while adding that there are several other strong teams that could win the tournament
It has been claimed that Bayern's penalty shoot-out victory over Madrid in April proved that Spain are not unbeatable, but Low feels that the results in the Champions League won't play a role at this summer's tournament in Poland and Ukraine.
"I don't think Bayern's win will have any influence on Euro 2012. There will be different players and expectations," Low stated to La Gazzetta dello Sport.
"Spain remain the favourites. You have to play some very good football to beat them.
"We have really matured as a team and we have shown that we can play at a high level. There are more favourites, though. At least six, and two of them are in the same group as Germany with Netherlands and Portugal.
"And then there's France and Italy, who went out early at the World Cup. They have bounced back again and will be ready at Euro 2012."
Germany start the competition against Portugal in Group B on June 9.