I'd have a few sprites (probably 4) that follow the mouse when it isn't down in a circley formation. Then, when it is, they act as "waypoints" - when the mouse passes over them, a Private Variable becomes true or something. If all four waypoints become "true" within one "mouse down" event, then the user has drawn a circle.
With this, you probably want some kind of outline/ghost for the user to trace over, so they know what kind of circle they need to draw.