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Usually you have a red eye that has a watery discharge. As this is caused by a virus, antibiotic drops which only treat bacteria, are of no value.
It is very contagious and may spread to your other eye and family members. It will not damage your eye and should run its course in about a week or so.
As you already found out cold compresses make it feel better. Also, the frequent use of preservative free natural tears will soothe your eye.
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