Sounds silly, but I’ve clicked something and animation timeline in my UMG widget zoomed in very much. How to zoom out? I’ve tried many key-scrollwheel combinations, but nothing.
Restarting editor helped there, zoom returns to default value after that. It’s still a ‘placeholder’ solution though 
If you use your scroll wheel while inside the dark grey portion of the timeline (where the keyframe numbers are displayed) it zooms in and out.
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for newer versions of UE4, you need to hold Ctrl + Scroll with your mouse wheel WHILE the cursor is on the dark gray area (stated in the answer above), additionally, hold Ctrl + Left click and drag on the dark gray area to highlight how much of the timeline you want to zoom in.
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