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I vote also for the electrical switch on top of the master cylinder. Although I believe it is called a brake pressure switch. Ford dealer will know what you are talking about, and it really doesn't cost more than about $25. I have a '95 EB and when my cruise stopped, that was the problem. Just like you, I found brake fluid when I unplugged the harness. That is the sign that you need to replace it. Minimal cost, 2 minute job. Cruise works fine now. Search these forums for more info - that's how I found out about it in the first place.
Ah.. ok.. The cruise on my 84 is old school... the cruise is tied into the switch on the brake pedal which activates the brake lights. It also cause the cruise to kick out.
Kinda the same principle on the 95 - but the switch is on top of the master cylinder. From what I understand, brake pressure sensor tells cruise to cut off when brake is applied. Probably has other purposes too for all I know (not much), but bottom line was that when this sensor switch goes out, cruise is inactivated. I just don't think it is in the same line as brake lights now.
not sure if this will help you but could help others
i experienced some cruise control misery. i bought some cheap red led brake lights because have the clear taillights when installed for some strange reason the lights would be on when ever i turned the ignition to the run position ths was deactivating the crusie control as soon as i started the bronco up. removed said lights and installed new standard lights now i have cruise once again
The switch on the end of the master cylinder is the brake pressure switch. If you want to check, unplug the connector and jumper the 2 wires in the harness plug. If it works, replace the switch. Mine was $22 at the local dealer. Apparently this item wears out after time, as the dealer said they change them all the time.
Finally picked up the brake pressure switch, it was $29 at the dealer, and cruise works again. But now caliper stuck I think on drivers side and I need a rotor!!!!!!!!!!