@ehdog
That definitely looks like either nummular eczema or atopic eczema.
Moisturize the area with a fragrance free cream or ointment, especially after showering. Try to keep showers short and use lukewarm water instead of hot water, and stick with gentle, fragrance free soaps if you can.
Do your best not to scratch it, since that can make the inflammation worse. If it gets itchy, you can try some hydrocortisone cream to help calm it down.