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I don't know about Euros, I've never taken them, but the good thing about US$ is that you can spend them in loads of places without having to exchange them into pesos beforehand.
I traveled with Euros in March and got a better exchange rate than Dollar (1€=23 pesos, I heard it is now over 26 pesos). So no need to change to Dollars and than to pesos.
NEVER change at a BANK unless you want to LOSE MONEY...
Cambios will give substantially more bang for your buck either in Dollar or Euro.
Euros do NOT pay the same percentage over the US Dollar as they should. They give you a way better rate on the US dollar.
Travelers Checks sometimes get a better exchange rate than Dollars. I don't know why but they do at times. Some banks don't want to take Travelers Checks even when you have an account with them. THis happened to me at Banco Santa Cruz. I have no problem at a Cambio with travelers checks and get a better rate.
Western Union gives a good rate along with private cambios. Ask people that own businesses in the town where to go.