RS Oph is located in eastern Ophiuchus near Serpens Cauda. This part of the sky is moderately well up in the southeast just before the first light of dawn. (You can find the time when dawn begins at your site by checking that your location and time zone are correct in our online almanac. If you're not on daylight saving time, which is certainly the case this month throughout the Northern Hemisphere, make sure that the Daylight Saving Time box is unchecked.)
The star lies at right ascension 17h 50.2m, declination –6° 43' (equinox 2000.0).
RS Ophiuchi, like other cataclysmic variable stars, is a close binary. A red giant of spectral type M2 is spilling gas onto a small, dense, blue companion star. The hot blue star erupted in 1898, 1933, 1958, 1967, and 1985, and it may also have had an outburst in 1945. According to alerts issued on February 13th by the American Association of Variable Star Observers (AAVSO), RS Ophiuchi last peaked in January 1985 at magnitude 5.2, then declined at an average rate of 0.1 magnitude per day for the next 38 days. It took about a year and a half to fade all the way back to normal.
Both amateur and professional astronomers have been anticipating this event for years. See our article "When Will RS Ophiuchi Next Blow Its Stack?"
Update March 20: As of this morning RS Oph is all the way down to magnitude 9.3. Its rate of decline has slowed from 0.4 magnitude per day during the first few days after outburst to about 0.1 magnitude per day or less now.