For this to work, you will need a variable to store the angle offset of the start of touch :
When the touch starts, you calculate the current angle between your wheel and the touch. Let's call this Alpha, Alpha = angle(wheel.X,wheel.Y,touch.X,touch.Y)-wheel.initialAngle
(wheel.initialAngle is the angle of the wheel when the touch starts)
Then, while the touch is active, you set the sprite angle to angle(wheel.X,wheel.Y,touch.X,touch.Y) - Alpha
This will make the wheel follow the touch (as the current angle will change just as the touch angle changes), and when the touch starts, the angle will be set to Wheel.initialAngle (so it won't jump to the current touch angle)