I actually spotted this trade at 9.4855 but decided to wait for confirmation that price had broken the Daily 8EMA resistance. Still it offers a potential 3.5 x risk.
So our little spurt upwards was merely a counter trend Fib retrace on it's way down. We really should have spotted this and been short on this trade, it would have been a very good short trade to take.
Lesson: Always remember to check the higher timeframe before entering a trade.