A company is migrating a legacy Java-based customer relationship management (CRM) system from on-premises to AWS. The application currently runs on a single physical server with a monolithic architecture. The application stores data in an Oracle database on a separate server. The company has purchased a third-party migration tool that can convert Oracle stored procedures to Amazon Aurora PostgreSQL-compatible code. The migration team has successfully migrated the database to Aurora PostgreSQL using AWS DMS with ongoing CDC. The application now runs on a single EC2 instance in a test environment. However, during load testing, the application experiences high latency and intermittent timeouts when accessing the database. The team notices that the application makes many short-lived database connections and uses a connection pool that was configured for the on-premises environment. The team has also observed that the application logs show a high number of connection timeouts. The company wants to modernize the application to be highly available and scalable on AWS. Which combination of actions should the team take to resolve the performance issues and achieve the company's goals?