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Guardado hobbled off with 18 minutes to play in Sunday's 1-1 Eredivise draw against Groningen after a challenge with Tom Hiariej.
PSV confirmed on Monday that Guardado's ankle had reacted well overnight and he will now be watched closely by the club's medical staff.
The 28-year-old will receive treatment on a daily basis with the club hoping he will be fit for Sunday's clash with Eredivisie rivals Feyenoord, but Thursday's UEFA Europa League clash with Estoril may come too soon.
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