Good catch! Yes, in that picture is the IAC
valve. The EGR
valve would be located on the drivers side, it attaches to the flange on the front of the upper intake manifold that is blocked off in that picture, right next to where the throttle body bolts on (like in Yrac's picture).
on the 88 Ranger. Mine did not have this and it was built in Sep-1987, but 1988 model year. 88+ computer is a good strait forward upgrade for 86-87 models, if someone were wanting to remove their problematic EGR