I am not specialized to some currency pairs. I take whatever jumps into my eyes and where spread and risk reward seems to be promising for me.
So the first step is to identify which currencies are overbought and which are oversold. If you like indicators, then have a look at BB Multi Currency RSI, which is one of the few indicators for MT4 i actually use:
Here we have the situation of a nearly oversold USD and EUR and CHF are overbought. So the decision is easy. We are looking for an oppurtunity to go short on EURUSD and earn some serious pips.
To learn how i decide when to enter and how to define Take Profit and Stop Loss follow me on Twitter or here!