Thanks, Tony. The folder on External HD is called odrive, it was working until yesterday that I had to reinstall OS. No change on cloud folder neither in that time.
So after making this question I was imagining three possible scenarios that would happen:
1.- After moving, odrive can't recognize the odrive folder, it takes it as new and deletes the data and updates from the data on the cloud.
2.- After moving, odrive finds a odrive folder he recognizes and works as it nothing happened.
3.- After moving, odrive finds a odrive folder he recognizes but has to check on everything to be sure. Not necessary downloading all but checking.
From your words it seems to be the third one, am I right?