rash on ankle

Two weeks ago I sprained my right ankle.  I have been wrapping the ankle in an ace bandage and have now developed a rash on the leg above the injury, no rash on the foot below the injury, also wrapped in the ace bandage.  The skin above the ankle is extremely sensative and feels like being stuck with pins and needles.  I applied Vitamin A & D ointment which gives some relief but the rash still remains.  Perhaps this is an alergic (allergic) reaction to the bandage or heat on the skin from the wearing of it.  Any suggestions?