After a sparking first-half display, during which Manchester United striker Wayne Rooney had given England a sixth-minute lead, the visitors were made to pay for a shoddy performance after the break as they continually gave away possession.
Joe Hart made a couple of excellent saves before Dejan Damjanovic grabbed Montenegro's leveller.
"It is still in our own hands," said Hodgson.
"We still have to play Montenegro at home, Poland at home and Ukraine away.
"You are bringing it back to the result against Ukraine at home, when we would have liked to win but we drew.
"I suppose you could say Ukraine away will be crucial, but we still have three of our four games at home, so we will try to make certain we keep it in our hands by winning those matches."
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