Bulls eye is like an alternate item for the attack foresight. Basically, it makes the holder get hit by moves which don't normally effect it. For an example if we take Gengar who is a Ghost and Poison type Pokemon and let it hold a Bulls eye, it will get hit from Normal type moves. Being a Ghost type should nullify normal type moves completely. If we take another example it's actually the HOLDER that can be affected by moves it's normally immune to. So Umbreon would have to be holding it for your Espeon to hit it with Psychic.
Red Card basically is the item for a move such as Roar. If your Pokemon makes physical contact (use a physical attack) against a Pokemon holding a red card your Pokemon will automatically be switched with another Pokemon from your party.
