Absolutely! I tell people that I had to check and make sure they didn't accidentally prescribe me oxycodone or morphine or something instead of estradiol. Because I definitely got this mild euphoric feeling, which I still get to this day, after being on HRT for 6 and a half months. About 2 hours after I take the estradiol, I feel this really nice, warm, happy feeling come over my body. Originally I thought surely it had to be a placebo effect. But after this much time of it still happening every time I take it, at about the same amount of time after taking it, I know it is for sure a real thing and is most definitely the HRT.
That's as for actual physical affects of it. As for emotional affects........that is absolutely there as well. Just an overwhelming feeling of rightness and good, and happiness knowing that every time I take that pill, I am closer and closer to being the girl I always knew I was inside.