Press, who started in the place of the Americans' co-captain Megan Rapinoe, rose at the back post to fire her header into the back of England's net.
All of Morgan's goals came in the 13-0 decimation of the Thailand team in the group stages.
"Right now, it's tough to reflect on the positives but getting to a semi-final is obviously a big positive", she told Sky Sports News.
It was the first penalty kick saved by a US goalkeeper in regular time at the World Cup.
"USA had an awesome match and we just couldn't match them. We had the goals early and we had to hold on", said Morgan, who is back in Lyon having had a spell with Europe's leading club side in 2017.
This World Cup was a turning point for the women's game in England.
'I would assume everybody is doing that, you have to plan ahead, ' Ellis said.
The opener for the USA was the first goal England had conceded in 380 minutes, but the Lionesses got right back in the game when Ellen White redirected a Beth Mead cross that beat Naeher to even the score.
The players know themselves about the game-changing moments that turned the semifinal in favour of the world's top-ranked team.
Though challenged by the world's finest teams in the knockouts, the USWNT remains firmly on its perch.
"We've come to this tournament and done our very best, we've not left anything in that dressing room, and I've told them there should be no tears tonight".
Though it was undisclosed prior to the match, Rapinoe could be out due to an unknown injury. I said from the beginning of the tournament that this was not going to be a competition with fantastic defending and that's what we got in the semi-final.
Going into Tuesday's semifinal matchup, England Coach Phil Neville let it be known that he was less than chuffed about USA team staffers visiting his squad's hotel just in case the Americans made a decision to stay there before Sunday's final, also to be held in Lyon.
The encounter ended on a sour note for England as Millie Bright received her second yellow card for a risky tackle on Morgan as US held on for the victory.
But Neville refused to wallow in the loss and believes his side are close to being on the same level as the US - who are ranked No 1 in the world - with an eye already on Saturday's third-place play-off.
In a tournament that has earned unprecedented attention, the much-anticipated game certainly delivered with an abundance of excitement and relentless effort, topped by moments of wonderful skill.
And England forward Nikita Parris had declared in the run-up that "nobody fears America", a phrase that became a screaming Daily Mail headline.
Four years on, Neville said a semi-final exit would represent "failure" and his players would be "sick of" any plaudits they received, despite also being upbeat about the future.
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