If someone hits the bull's-eye, they are exactly right about something or achieve the best result possible.
"Bulls-eye" and "bullseye" are alternative spellings.
When you say that something does or does not 'hold water', it means that the point of view or argument put forward is or is not sound, strong or logical. For e.g., 'Saying we should increase our interest rates because everyone else is doing so will not hold water'.
(UK) If you hold your hands up, you accept responsibility for something you have done wrong.
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