The Zurich reformer's case rested on three moves rather than one. The first was grammatical: in the words this is my body, the verb was read as carrying the sense of signifies, a usage he found elsewhere in scripture where a rock is called Christ or a seed is called the word. The second was about the body of Christ itself. A risen body is a real body, and a real body is in one place; since Christ has ascended and sits at the right hand of the Father, that body cannot also be on every altar at once without ceasing to be a body at all. The third was pastoral and polemical. A presence located in an object invites the veneration of an object, and Zurich had come to regard that as idolatry. He set the argument out in his Commentary on True and False Religion of 1525, and the city replaced the Mass with a plain service at a wooden table in the same year.
Luther refused every step of it. At the Marburg Colloquy of 1529, convened by Philip of Hesse in the hope of a common Protestant front against the Emperor, the two sides agreed fourteen articles and broke on the fifteenth. Luther is reported to have written the Latin words of institution on the table and declined to move from them. The failure was political as much as theological, and it fixed a division that has never closed.
The label memorialism is a later convenience, and Zwingli's own writing is wider than it suggests. In the confessions of faith he composed at the end of his life he speaks of Christ present to the contemplating faith of the assembled congregation, and how much weight that language should carry is argued among historians rather than agreed.