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Really confused how to determine text coordinates

I am currently working on Storytelling Data Visualization On Exchange Rates — Coding The Graph | Dataquest

The solution uses the following code to input a title:

ax1.text(730016.0, 2.35, ‘EURO-USD rate averaged 1.22 under the last three US presidents’,
fontsize=20, weight=‘bold’)

I understand the code, but how on earth do you determine where the coordinates should be, 730016.0, 2.35 is hardly a random number.

when the coordinates are outside of the of the grid how do I determine where they should be?

This should help clarify how those coordinates are selected -