Traders know the importance of the 3.70 area. That tl not only 3+ years old but marks the top of a channel that we oscillated in for years b4 breaking loose finally last June only to return to it in February. A few here have that marked up chart. :)
One reason as mentioned by someone the 200ma but stronger factors include a few tl's that converge there; a regression channel in the neighborhood; and the area marked some nice resistance\support in past stock movement.