Gareth Southgate’s men will be huge favourites when they meet Andriy Shevchenko’s Ukraine in the quarterfinals in Rome on Saturday.
Should England get the better of the Ukrainians, they will face either Denmark or Czech Republic in the semi-finals for a place in the final at Wembley on July 11.
With the likes of France, Germany and holders Portugal all out of the picture, Mourinho believes only complacency will stop England from reaching the final of a major competition for the first time since 1966.
“I’m singing ‘it’s coming home’ to show my happiness,” the Portuguese tactician, who will embark on the next stage of his managerial career at Roma next season, said on talkSPORT. "But it’s not yet coming home.
“England need balance in the bad moments and in the good moments. The same way the media is critical in the bad moments, we have to be balanced now, there’s still a long way to go.
“In the normal conditions England are going to be in the final, because I don’t see them losing against the teams they could face in the next rounds. But we must respect football and the unpredictability. France are not in the quarter-finals because they didn’t respect the game in the final ten minutes.
“I’m very, very pleased. I just hope it ends well, I hope it comes home. But football is football. So I would say to them calm down and just focus on the next game.
“But, in my opinion, England are ready for anything and I will be very disappointed if we don’t make the final, because we should, we should, we definitely should.”