The England head coach, whose side take on Malta in was quick to play down the media suggestion that his Young Lions were favourites for the tournament as he explained the tough task that awaited his side.
Malta U17 v England U-17
UEFA European Under-17 Championship
Ta' Qali National Stadium
5pm Friday 9 May 2014
Speaking at the team hotel in Malta, Peacock said: "That's nice that people suggest we are favourites, however, I've been in the game a long time and I know when working with youngsters, that occasions can be dashed by a moment of brilliance or a mistake as they are still learning the game.
"On paper we have a very good team, and I know that we will set about it correctly.
"So we will have a chance, but also the opposition is very good, so it will not be easy."
Peacock continued: "We have played Netherlands, Germany and Portugal in the Algarve Tournament recently, and we have played Turkey before and know how difficult they are.
"There are six nations here who have won it before, so people can say one team is the favourite, but tournament football over a fortnight is very competitive and a lot of factors can determine the outcome."
England kick-off the tournament on Friday afternoon against the host nation at the National Stadium, and with a crowd of over 3,000 expected, Peacock says his side will be fully prepared for the challenge that awaits.
"We have prepared very well and we are not underestimating Malta at all"
John Peacock
He added: "We have prepared very well and we are not underestimating Malta at all.
"We know it is a great occasion for them and their federation, so we know for a fact they will be working very hard to do well.
"We have to go out with the right sort of temperament and hopefully then our quality will come to the fore - but we know it is going to be a very tough game."
Malta v England will be shown live on Eurosport 2, kick-off is 5pm. Follow @FA on Twitter for match updates.
