The 5-3 win came courtesy of two goals from Sergio Aguero and one apiece from Raheem Sterling, John Stones and Leroy Sane, while Willy Caballero saved a penalty when the hosts were 2-1 behind.
But the Spaniard knows the return fixture will not be without its perils, as Europe's top scorers Monaco have hit over 100 goals in all competitions already this season.
"If one team can score a thousand, million goals it is Monaco," Guardiola said. "To avoid the counter-attack is so, so tough. They are so fast – [Thomas] Lemar, [Benjamin] Mendy.
"Obviously we have to improve. The first goal is a mistake, the second goal again.
"But we did not give up, we were there. We were lucky in some moments in the second half and we were so unlucky in the second half.
"We are going to fly to Monaco to score goals, that is my target. We are not going to defend the result.
"We know each other better now. They are going to adjust something, we are going to adjust something. It is impossible to go through if we don't score goals.
"A lot of things happened so everything is still open.
"Of course I am so happy for the result because we are still alive.
"For a lot of the guys it is their first experience in the Champions League and these kind of things can help this club to take another step
"We have to live these kind of situations, to be in trouble and overcome. Don't give up, never. That is why we're still alive."