Lots of things can trip the light, and while it could be the O2 sensors seeing a problem, or one even being the problem, the problem could still be *mechanical* like a vac leak or struggling fuel pump causing it to run lean, or some cause for excessive misfires.
Considering that it's a Ford, I'd get an ELM327 based (or compatible) ODB2 dongle, and run Forscan on the host device (computer, phone, tablet, etc) which will show you not only the OBD2 codes, but also the Ford specific codes that the scan tools used as a free courtesy by auto parts stores, and "most" inexpensive standalone scan tools, cannot read, nor reset.
If you wanted to change any vehicle features, you'd want one with a USB connection to a laptop running the licensed version of Forscan (free month(?) trial available), otherwise the normal version that can't do programming is free for windows, or some small fee like $6 for the lite version app to use wirelessly on a phone or tablet.
AFAIK for wireless, iOS based hosts still need a wifi dongle but android based can use bluetooth too. Forscan has a website and forum with more info.