The Gunners may have faltered in the Premier League this term, but they will still be confident of salvaging their season by winning the Europa League.
And Balague believes when Arsene Wenger clashes with Diego Simeone in the last four, there is no chance of the club progressing.
Previewing the tie in Spanish outlet AS, the football expert slammed the club over their lack of character, defensive ability and attacking style.
“It’s possible that they lack character,” Balague wrote.
“That would explain their horrendous away form.
“Defensive problems are their main limitation.
“They concede almost every game, and Petr Cech has picked the ball out of his own net more in 2017-18 than in any other season.
“The attractive football of the past has disappeared.
“Just two years ago, Arsenal created more clear chances than any other Premier League side.
“Last season they created the third most, and this season fourth.”
Ahead of their clash with Newcastle on Sunday, Arsenal had not picked up a single point away from home in 2018.
Wenger’s men welcome Atletico to the Emirates on Thursday April 26.